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

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.