Copper Rises on Better Than Expected China Data

Three-month copper on the London Metal Exchange rose 1.5 percent to trade at $6,660.50 per tonne today, according to Bloomberg Businessweek. Data from China showed the slowest GDP growth rate in quite some time. However, it was still better than forecasts. Chinese industrial output also outperformed expectations.

“Between the Chinese GDP being better than expected, stimulus talk in the last couple days in China and money managers being net short, we’re seeing a little bit of a short-covering rally,” Graham Leighton, a trader at Marex Spectron Group, told Bloomberg Businessweek.

On New York’s Comex, copper futures for December delivery rose 1.1 percent to $3.022 per pound, Bloomberg Businessweek reported.