Bloomberg reported today that copper prices rose today on industrial data from China signalling an increase in demand. According to Bloomberg, copper futures for delivery in July on the Comex in New York gained 0.7 percent to trade at $3.038 during morning trading hours, though prices have lost 0.4 percent overall this week.
As quoted in the publication:
Factory production climbed 8.8 percent in May from a year earlier, up from 8.7 percent in April, the National Bureau of Statistics said in Beijing today. Copper stockpiles tracked by the ShanghaiFutures Exchange fell 5.3 percent this week to 81,929 metric tons, the lowest since December 2011.
Chief market strategist at Long Leaf Trading Group Inc., Tim Evans, told Bloomberg:
Much of the support in the copper market came from the Chinese industrial numbers. The Chinese numbers came in line with expectations, and it alleviated some of the concern in the market. It’s a leading indicator for demand for copper.
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