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Home / Metal News / Base Metals Perk up on Strong China Foreign Trade Data

Base Metals Perk up on Strong China Foreign Trade Data

iconAug 8, 2013 16:17
Source:SMM
China’s base metals prices started higher and continued to rise on August 8 on the strength of positive Chinese foreign trade figures.

SHANGHAI, Aug. 8 (SMM) – China’s base metals prices started higher and continued to rise on August 8 on the strength of positive Chinese foreign trade figures. The most active SHFE 1311 copper contract price broke through the 60-day moving average and stood above the resistance imposing a ceiling on the most active contract since mid-July. Considering a spate of news stories expected on Friday, including China CPI, industrial output, fix asset investment and retail sales, any pullback on Thursday should not be a strong reason for turning bearish, and price movements around the 60-day moving average is focused. 

China’s foreign trade increased 7.8% YoY to USD 354.16 billion in July, with exports up 5.1% to USD 185.99 billion and imports climbing 10.9% to USD 168.17 billion, a solid turnaround from June’s declines. China thus saw a USD 17.82 billion trade surplus in July. 
 
LME copper prices overnight stood above USD 7,000/mt, helped by a fall in US dollar index to 81.229, while the stronger euro, sterling and Japanese yen were behind weakening US dollar. Market expects foreign exchange market will be volatile after the press conference to be held by the Bank of Japan in the afternoon, which may possibly influence base metals markets. 
 
With respect to copper industry, China’s June imports for unwrought copper and copper semis hit a high last seen in October 2012 to 379,900 mt, and July’s copper imports are expected to climb further.  
 
LME copper inventories worldwide dropped from 678,200 mt to June 24 to 612,800 mt on July 31, with stocks in Johor falling from 269,600 mt to 227,500 mt. The possibility that China was a major contributor to the inventory decline is not ruled out. SHFE copper inventories slipped from 182,500 mt on June 28 to 163,600 mt on August 2. 
 
In this context, base metals may present a strong trend in the short term, despite a bearish outlook for the medium term.
 
China base metals
China foreign trade

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