Copper Set for Weekly Gain Amid Better-Than-Expected China DataBloomberg News
Copper gained, set for a weekly advance as better-than-expected data from China, the largest user, indicated demand will improve.
Metal for delivery in three months rose 0.2 percent to $8,070 a metric ton on the London Metal Exchange at 1:21 p.m. Shanghai time, adding 0.3 percent this week. Copper for delivery in April gained 0.8 percent to 58,180 yuan ($9,353) a ton on the Shanghai Futures Exchange.
Gross domestic product expanded 7.9 percent in the fourth quarter, accelerating for the first time in two years, as industrial production gained 10.3 percent last month from a year ago, the statistics bureau said today. Both exceeded the median estimate of economists in Bloomberg News survey. New-home prices, climbed in the most cities in 20 months in December, data from the bureau showed.
“The data confirmed the economy has bottomed,” Zhang Ao, an analyst at Minmetals Futures Co., said by phone from Shenzhen. “As a gradual recovery is expected, I’m optimistic about copper and other metals.”
Futures for March delivery on the Comex in New York added 0.2 percent to $3.669 per pound. On the LME, aluminum, zinc, tin and lead advanced, while nickel was little changed.