Copper Extends Rally as China Export Growth Signals Demand Gains
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Copper rose for a third session, the longest rally in a month, as a bigger-than-projected increase in August exports added to evidence of resurgent growth in China, the world’s largest user of the metal.
Shipments from China gained 7.2 percent from August 2012, customs figures showed yesterday, compared with the 5.5 percent median estimate from analysts surveyed by Bloomberg News. An official Chinese manufacturing gauge published Sept. 1 reached a 16-month high. Copper prices are down 10 percent this year, partly on concern global demand would slow.