Copper Trades Near Three-Week High Before China April Trade Data
Copper traded near the highest level in three weeks before China, the biggest consumer, releases April trade data. Aluminum, zinc and lead advanced.
Metal for delivery in three months on the London Metal Exchange rose as much as 0.5 percent to $7,302 a metric ton and was at $7,289.75 at 9:27 a.m. in Shanghai. Copper advanced to $7,374 yesterday, the highest since April 15. The contract for delivery in September on the Shanghai Futures Exchange rose 0.8 percent to 52,600 yuan ($8,548) a ton, while July futures on Comex rose 0.3 percent to $3.3135 per pound.
China’s export growth may have slowed to 9.2 percent in April, compared with 10 percent in March, while imports may have risen 13 percent, down from 14.1 percent in the previous month, according to a Bloomberg News survey. The customs department may release the data around 10 a.m. local time. The nation accounts for more than 40 percent of global copper consumption.
“The data will provide clues to the market direction after weaker-than-expected data last month,” said Wang Na, an analyst at Guolian Futures Co. “Given the relatively weak market sentiment, copper may not get a strong boost even if the data turn out to be better than expected.”
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