China, which accounts for roughly 40 percent of world demand for the reddish metal, had stronger trade and an increase in car sales last month. As compared to one year prior, exports rose 25 percent and imports surged 29 percent while passenger vehicle sales climbed 49 percent, representing a record high. The auto data was supplied by a trade group supported by the state.
“The Chinese data signals that business continues to pick up,” broker Harry Denny with PVM Futures in New Jersey told the news source on Friday. “Copper is being supported by overall optimism on a recovery.”
At 12:34 p.m. on Friday, copper futures rose 0.89 percent, a 0.033 cent lift to $3.7595 per pound.
Copper, copper alloy and semi-finished product imports to China increased nearly 3 percent January from the month prior, according to The Wall Street Journal. But the metric slipped more than 15 percent as compared to the same period one year earlier.
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