Copper Climbs, Paring Weekly Loss, as China Trade Tops Estimates
Copper rose for a second day, trimming a weekly decline, as China’s trade data beat estimates, underpinning sustained appetite from the world’s biggest consumer of industrial metals.
The contract for delivery in three months rose as much as 0.5 percent to $7,179.25 a metric ton and was at $7,167 at 11:09 a.m. in Shanghai. The metal fell 1.1 percent this week, the biggest decline since the five days through Sept. 13.
China’s exports rose 5.6 percent in October from a year earlier, compared with the median estimate for a 1.7 percent gain in a Bloomberg News survey of 44 analysts and September’s 0.3 percent drop. Imports increased 7.6 percent, exceeding the median forecast for a 7.4 percent gain and a 7.4 percent growth in September. A trade surplus was at $31.1 billion.
“Some investors might be buying the metal on a positive outlook on Chinese imports,” said Sijin Cheng, an analyst at Barclays Plc in Singapore.
China’s copper purchases may remain high in the next few months as a looser bank policy makes it easier for importers to obtain credit for trade, Cheng said in a Nov. 1 report.
Futures for delivery in December increased 0.3 percent to $3.259 a pound on the Comex in New York. The metal for delivery in January on the Shanghai Futures Exchange climbed 0.3 percent to 51,630 yuan ($8,475) a ton.
On the LME, zinc, nickel and aluminum also rose, while tin and lead were little changed.
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