Copper climbed to the highest level in seven weeks after trade data in China, the biggest user, exceeded analyst estimates. Aluminum, nickel, zinc and lead rose.
Copper for delivery in three months on the London Metal Exchange rose as much as 2 percent to $7,146 a metric ton, the highest since June 17, and was at $7,141.25 a ton at 11:29 a.m. in Shanghai. Metal for delivery in November on the Shanghai Futures Exchange rose 2.8 percent to 51,490 yuan ($8,417) a ton.
Shipments abroad rose 5.1 percent from a year earlier, the General Administration of Customs said in Beijing today. That compares with the median estimate for a 2 percent increase in a Bloomberg News survey and June’s 3.1 percent drop. Imports advanced 10.9 percent, leaving a trade surplus of $17.8 billion. The government signaled last month that it will defend its 7.5 percent economic-growth target for the year after expansion slowed for a second quarter.
“Copper was supported by a positive demand outlook as China has pledged to stabilize growth and the U.S. economy recovering,” said Fang Junfeng, an analyst at Shanghai CIFCO Futures Co.
China’s statistics bureau will release inflation and industrial production data tomorrow. Inflation probably quickened to 2.8 percent last month from 2.7 percent in June, while growth in industrial output may remain unchanged at 8.9 percent from a month earlier, according to Bloomberg surveys.
On the LME, tin was little changed.
To contact Bloomberg News staff for this story: Alfred Cang in Shanghai at firstname.lastname@example.org