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Will Chinese Economic Growth Support Copper Prices?

September 13, 2010 at 22:10 by Vladimir Vyun

Copper gained today as China’s industrial production expanded more than expected. Chinese factory output grew 14 percent, compared with a median forecast of 13 percent growth. China’s imports increased, while retail sales and lending were also higher than economists predicted.

Economic data suggests that Chinese economy would continue to grow. This outlook promises higher demand for copper, as China is the biggest copper consumer in the world. Good reports from China boosted risk appetite, which may cause other countries add to demand too.

December futures for copper delivery went up $0.0725 (2.1 percent) to $3.479 per pound by 13:19 on COMEX. Delivery for copper in three months gained $144 (1.9 percent) to $7,630 per metric ton on LME.

If you have any questions and comments on the commodities today, use the form below to reply.

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