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Copper Jumps in Shanghai on Optimism Over Consumption

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BEIJING, Apr. 10 -- Copper advanced in Shanghai on optimism Chinese government stimulus spending will boost demand from the power industry in the world's largest user of the metal.
&nbsp;&nbsp;&nbsp; According to Macquarie Securities Ltd China's economic growth will be as much as 8% this year 1 percentage point more than its previous forecast. The government's&nbsp;RMB 4 trillion stimulus plans has driven investment back to levels before the global economic crisis, fuelled rebounds in electricity and steel output, and restored consumer confidence.
&nbsp;&nbsp;&nbsp; Li Ling, Minmetals Star Futures Co analyst, said "Investors have been adding to their long positions lately with a view that demand seems strong in the short term. He said that. Copper for spot delivery in Shanghai was quoted at a premium of RMB 900 a ton above the near-term April contract on the Shanghai Futures Exchange".
&nbsp;&nbsp;&nbsp; The most actively traded July delivery copper contract in Shanghai rallied as much as 3.6% to RMB 36,580/mt and traded at&nbsp;RMB 36,270/mt.
&nbsp;&nbsp;&nbsp; Customs data showed that copper, the best performer on the London Metal Exchange, climbed 43% this year on speculation the worst of the global recession has passed. China's imports of the metal jumped 71% to 451,438&nbsp;mt in the first two months from a year ago.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Copper Jumps in Shanghai on Optimism Over Consumption | SMM

Copper Jumps in Shanghai on Optimism Over Consumption

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