MOSCOW, 11 Nov. Copper prices on Wednesday to actively increase on expectations of strong economic data from China, the world’s largest consumer of the metal, according to AFP.
As of 07.37 GMT December futures for copper on the Comex rose in price by 0.20% to 2.22 per dollar per pound (about 0.45 kilograms).
At the end of trading Tuesday the cost of a ton of copper on the London metal exchange (LME) for delivery in three months fell by 0.78% to 4925,50 dollars per ton, updating the minimum since September 29 at 4940 dollars per ton. Price per ton of aluminum has decreased on 0,26%, to 1508 dollars, zinc — on 2,25%, to $ 1607.
Later on Wednesday, at 08.30 GMT, the National statistics Bureau of China will publish data on retail sales and industrial production in the country during October. Polled by Reuters, experts expect that sales in annual terms rose by 10.9% on a monthly — by 10.6%, against a growth of 10.5% in September. The indicator on the volume of industrial production is expected to average 5.8% yoy and 6.2% in 10 months.
China is the world’s largest copper consumer. Statistics strong data will reinforce investor expectations that the Chinese economy is on the mend, and demand for copper in the country will return to growth.
“The recovery of China’s economy is slow. And it does affect all base metals in all directions. However, if China will announce new measures to stimulate or macro data will be better than expected — this will lead to higher prices. We have to sit and wait,” commented Reuters, analyst at Argonaut Securities in Hong Kong Helen Lau (Helen Lau).