IV:Copper futures hold near 3-week high after positive China trade data
Investing.com - Copper futures traded just below the previous session’s three-week high on Wednesday, as sentiment on the industrial metal was boosted following the release of positive trade data out of China.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.327 a pound during European morning trade, up 0.7% on the day.
New York-traded copper prices rose by as much as 1% earlier in the session to hit a daily high of USD3.339 a pound. On Tuesday, Comex copper prices hit USD3.344 a pound, the strongest level since April 15.
Copper prices were supported following the release of positive trade data out of China.
Chinese imports and exports rose more than expected in April, official data on Wednesday showed, indicating that the outlook for economic growth remains good.
China's exports rose 14.7% year-on-year last month, while imports grew 16.8%, bringing the country’s trade surplus to USD18.6 billion for the month, above expectations for a surplus of USD 15.05 billion.
Investors now looked ahead to the release of Chinese inflation data on Thursday.
Elsewhere on the Comex, gold for June delivery tacked on 0.3% to trade at USD1,453.65 a troy ounce, while silver for July delivery was flat to trade at USD23.80 a troy ounce.
