Copper Climbs on China Trade Data as Aluminum Gains
Copper in London gained after data showed China’s imports and exports in December exceeded estimates, indicating demand by the largest user may recover as the growth accelerates. Aluminum gained for a fourth day.
Copper for delivery in three months on the London Metal Exchange rose 0.2 percent to $8,096 a metric ton by 10:25 a.m. in Shanghai. Aluminum added as much as 0.5 percent to $2,085 a ton
China’s imports gained 6 percent in December as exports jumped 14.1 percent, both exceeding November’s gains and economists’ forecasts, data from the customs administration showed today. The country’s aggregate financing totaled 1.63 trillion yuan ($262 billion), exceeding the median 1.2 trillion yuan estimate of economists, data from the central bank showed.
“The data are pretty good, showing the economy is in an upward trajectory, and that is certainly good news for metals consumption,” said Wang Jun, an analyst at Beijing Cifco Futures Co. “We expect the copper price to have a pretty good performance in the first quarter.”
Futures for March delivery on the Comex in New York gained 0.3 percent to $3.682 per pound. Futures for delivery in April rose 0.2 percent 58,440 yuan ($9,380) a ton on the Shanghai Futures Exchange.
On the LME, tin declined from the highest level in almost 11 months, while zinc, lead and nickel advanced.
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