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Copper Advances After China Eases Growth Concerns

July 15, 2015 at 10:46 by Vladimir Vyun

Copper prices advanced today after China released a set of positive economic reports. China’s gross domestic product grew 7 percent in the second quarter of 2015 from a year ago, the same as in the first quarter, while economists were afraid that economic growth would slow a bit to 6.9 percent. Retail sales and industrial production also beat forecasts. Production increased 6.8 percent in June from the previous year versus the forecast increase of 6 percent. Retail sales rose 10.6 percent, exceeding the predicted growth by 10.2 percent.

China is the world’s biggest consumer of copper. Lately, macroeconomic data from the Asian nation has been relatively soft, leading to concerns about sustainability of its impressive growth and pushing prices for the industrial metal down as a result. Yet today’s reports suggest that the Chinese economy retained enough steam, and this is a very good sign for copper.

Contract for delivery of copper in September climbed 1.07 percent to $2.562 per pound as of 10:41 GMT on COMEX today.

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