Commodity Blog

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Copper & Cotton Rally on China Before Retreating

September 10, 2013 at 2:28 by Vladimir Vyun

China continued to demonstrate signs of economic growth, helping copper. The Asian country is the biggest consumer of the metal in the world. Nation’s exports expanded 7.2 percent in August from a year ago, beating the median forecast of 5.5 percent. The data added to evidences of stable growth in the world’s second largest economy and this made investors more interested in riskier assets, such as commodities.

Cotton also profited from the news as China is the biggest importer of the fiber in the world. Both commodities retreated as of now though.

December futures for delivery of copper ticked down $0.004 (0.12 percent) to $3.274 per pound as of 2:13 GMT on COMEX today after rallying 0.5 percent to $3.278 yesterday. Cotton retreated $0.002 (0.24 percent) to $0.833 per pound on ICE following the advance by 0.3 percent $0.835 on the previous trading session.

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