China’s Growth Beats Forecasts, Copper Not Rebounding Much

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Copper didn’t change much in London after economic growth beat analyst estimates in China, the world’s largest user of industrial metals. The red metal is still trading at 30-day lows.

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Gross domestic product in the Asian nation rose 7.4% in 2014 from a year earlier, the statistics bureau said. That was above the 7.3% median estimate in a Bloomberg survey, while still the slowest pace since 1990. Copper prices fell almost 10% this year amid concern that a cooling Chinese economy will spur a supply glut.

Chinese copper wire saw the biggest upwards shift for the day, rising 1.7% to close at CNY 41,930 ($6,754) per metric ton on Monday, January 19. Just off of a 30-day low of CNY 42,900 ($6,910) per metric ton, the price of Chinese copper bar rose 1.4% last Friday. After hitting a 30-day low of CNY 43,100 ($6,943) per metric ton on Wednesday, January 14, the cash price of Chinese copper rose 1.4% last Friday. The price of Chinese bright copper scrap rose 0.3% last Friday, just off the 30-day low of CNY 37,000 ($5,960) per metric ton it hit on Wednesday, January 14.

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The price of US copper producer grade 122 gained 1.2% to finish at $3.36 per pound. The price of US copper producer grade 110 increased 1.2% to $3.36 per pound. The price of US copper producer grade 102 inched up 1.1% to $3.55 per pound. The cash price of primary Japanese copper rose 0.1% to JPY 689,000 ($5,860) per metric ton.

The primary copper cash price reached a 30-day low on the LME after decreasing 1.1% to $5,655 per metric ton. After falling 0.3% to $5,650 per metric ton, the copper 3-month price reached a 30-day low on the LME.

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