Copper Rising on Chinese Trade Data

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Copper and other base metals rose on Monday after the dollar fell and better-than-expected Chinese trade data eased fears of a slowdown in demand in the top commodities consumer.

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A surge in China’s exports in September was an upbeat signal for the world’s second-largest economy while a near 15 percent jump in copper imports cheered investors about metals demand.

“Certainly that trade number for imports of unwrought copper was probably above expectations and a pick-up from the previous month,” Stephen Briggs, metals strategist at BNP Paribas, told Reuters.

The trade data, however, also contained some more worrying numbers for future copper prices, he said.

“The extremely high imports of copper concentrate will translate into higher refined production of copper in China. That’s a bit of a negative,” Briggs said.

Rising 0.8% to close at $3.73 per pound, the price of US copper producer grade 110 experienced the biggest change for Friday, October 10. The price of US copper producer grade 122 rose 0.8% to $3.73 per pound. After a 0.8% increase, the price of US copper producer grade 102 finished the day at $3.92 per pound. The cash price of primary Japanese copper saw a 0.4% decline to JPY 754,000 ($6,925) per metric ton.

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Chinese copper closed mixed last Friday. The price of Chinese copper bar declined 0.2% to CNY 49,300 ($8,027) per metric ton. The Chinese copper cash price declined 0.2% to CNY 49,500 ($8,060) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,205) per metric ton for the fifth day in a row. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,213) per metric ton.

On the LME, the primary copper cash price gained 0.2% to finish at $6,767 per metric ton. Also on the LME, the copper 3-month price inched up 0.1% to $6,712 per metric ton.

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