Commodity News
HeadLine : Strong Chinese trade data pushes copper to 8-month high
Date : Jan 15 2020
Copper prices reached their highest in eight months on Tuesday as better-then-expected trade data in China, the largest metals consumer, pointed to a modest recovery in demand and the yuan strengthened. Benchmark copper on the London Metal Exchange (LME) touched $6,314.50 a tonne - the most since May 1 - before slipping to $6,294, up 0.1% It has risen 1.6% this week. Macroeconomic factors including the stronger yuan, solid Chinese trade figures and the signing of a U.S.-China Phase 1 trade deal this week were boosting prices, said Deutsche Bank analyst Nick Snowdon. China’s exports rose for the first time in five months in December and by more than expected, signalling some recovery in demand. Unwrought copper imports rose 9.1% in December from the previous month to their highest since March 2016.  Global refined copper production edged higher in December, according to an index based on satellite surveillance of copper plants. The signing of a U.S.-China Phase 1 trade deal on Wednesday will de-escalate but not end a dispute that has weakened economic growth and metals prices. As part of the deal, China has pledged to buy almost $80 billion of additional manufactured goods, over $50 billion more in energy supplies about $35 billion more in services from the United States over the next two years, according to a source.

Source : CNBC
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