Economic growth in the globe's largest consumer pushed up copper futures on Friday but preoccupations about the extent of that development curbed the reddish metal's upward drive, according to Reuters.
During the three-month period from July to September, the gross domestic product of China grew 7.8 percent as compared to the same period last year, representing the most rapid development in the Asian nation thus far this year. China accounts for roughly 40 percent of the world's consumption of the base metal, which is sensitive to economic and financial developments due to its myriad uses in construction, manufacturing and additional industries.
"The strong GDP number implies solid and growing demand for copper," senior metals analyst Helen Lau with UOB Kay Hian Securities in Hong Kong told the publication on Friday. "But I haven't really changed my bearish view for 2014 and 2015 because we expect China's industrial production growth to slow as the growth becomes less investment-driven."
At 8:51 a.m. on Friday, copper futures edged up 0.17 percent, a 0.0055-cent gain to $3.3025 per pound.
Bloomberg reports GDP in China during the second quarter of this year amounted to gains of 7.5 percent from the previous quarter.
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