Copper Gets a Boost from Chinese Growth Data

Copper advanced in London after economic data from China, the world’s largest user of industrial metals, beat analysts’ estimates.

Gross domestic product in the Asian nation rose 7.4 percent in 2014 from a year earlier, the statistics bureau said in Beijing, above the 7.3 percent median estimate in a Bloomberg survey, while still the slowest pace since 1990. Rio Tinto Group, the world’s second-biggest miner, cut copper output last quarter compared with a year earlier.

Industrial production in China last month grew 7.9 percent from a year earlier, compared with a 7.4 percent forecast. The International Monetary Fund predicted 3.6 percent growth in the U.S., up from 3.1 percent in October.

Copper for delivery in three months gained 1.1 percent to $5,732 a metric ton by 12:45 p.m. on the London Metal Exchange. Prices have slumped 9 percent so far this year. Copper for March delivery on the Comex in New York slipped 0.6 percent to $2.6005 a pound.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza