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Friday, May 9, 2014
Copper boosted by China trade data
COPPER futures closed higher on the London Metal Exchange, boosted by some solid trade data from top metals consumer China.
The LME's flagship three-month copper contract was up 1.1 per cent at US$ 6,729 a metric ton at the close.
China posted unexpected gains in both exports and imports for April, beating market estimates and adding up to a trade surplus ofUS$ 18.46 billion.
Its April copper, copper-products imports rose 52.5 per cent on the year to 450,000 tons.
"Chinese traders have clearly taken advantage once again of the low copper prices - the red metal dropped by 10 per cent in price for a time in March, losses that it has only partially been able to recoup in the meantime - to buy up material opportunistically," said analysts at Commerzbank AG.
China is the world's largest copper market, accounting for 40 per cent of the world's imports of the industrial metal.