May Comex copper leaps 4 cents on Chinese economic data

摘要

COMEX copper futures shot up nearly 4 cents on Wednesday, as a slate of strong Chinese economic numbers made the market optimistic again about China’s economic health and demand prospects. Copper for May delivery, the active month, rose 3.70 cents to close at 296.75 cents/lb, while the April spot month rose 4.50 cents to 297.55 cents. Copper’s rebound and that of other base metals Wednesday was “largely attributable to the Chinese macro data released overnight,” INTL FCStone analysts said in a report Wednesday. For example, Chinese GDP increased to 6.4% in the first quarter, above the 6.3% growth expected, while March industrial production rose by 8.5%, significantly surpassing the 5.6% expected increase, the report noted.