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Rising Chinese Imports Give Copper a Boost
Spurred on by nine-month high copper imports into China, copper prices climbed on July 10.
Spurred on by a nine-month high in imports to China, copper for delivery in three months rose by 1 percent to $6,798 per tonne on the London Metal Exchange. Comex copper also increased $0.012 to hit $3.076 a pound.
Bill O’Neill, a partner at Logic Advisors, in New Jersey told Bloomberg that “the metal-import numbers were encouraging, and there have been signs that China is doing some stockpiling in copper.”
Copper shipments were up to 379,951 metric tons in June, the highest since September, according recently released figures.