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Three month copper made some gains in with positive import data from China.
Copper for three-month delivery climbed 0.4 percent to $7,329 per tonne on the London Metal Exchange on Monday, according to Bloomberg. Meanwhile, across the pond, copper futures for March delivery were up 0.1 of a percent to $3.3465 per pound.
On Sunday, Indonesia‘s ban on unprocessed metals, including nickel, bauxite, tin, chromium came into play on Sunday. However, a last-minute presidential regulation is allowing for 66 companies, including mining giant Freeport-McMoRan Copper & Gold (NYSE:FCX) to continue exporting copper from the country. FCX accounts for 3 percent of the world copper supply.
Helping copper post some gains was data out of China. The Asian powerhouse imported 441,300 tonnes of copper in December, representing a year-over-year increase of 30 percent, according to Fast Markets. Also supporting the red metal was a weaker dollar, which was spurred on by investors weighing recent unemployment figures on the likely path of monetary policy.
