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Shanghai Copper Extends Gain to One-Month High on China Economy

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China Copper Demand May Rise in October, Nippon Mining Says

SHANGHAI, July 16&nbsp;-- Copper in Shanghai climbed for a third day to the highest in more than a month, spurred by expectations that China's economy will continue to improve in the second half, lifting demand for the metal.
&nbsp;&nbsp;&nbsp; China's gross domestic product expanded 7.9 percent in the second quarter from a year earlier after a 6.1 percent gain in the previous three months, the statistics bureau said today. That was more than the 7.8 percent median estimate of 20 economists surveyed by Bloomberg News.
&nbsp;&nbsp;&nbsp; &quot;Investors seem to believe that if the economy improves in the second half, so will the demand for the metal,&quot; Wu Tianmin, analyst at BOC International (China) Ltd., said by phone from Shanghai.
&nbsp;&nbsp;&nbsp; Copper for October delivery on the Shanghai Futures Exchange gained as much as 2.3 percent to 42,290 yuan ($6,190) a metric ton, the highest since June 12, before trading at 41,860 yuan at the midday local time trading break. The contract has jumped 7.6 percent since Monday. Three-month delivery copper on the London Metal Exchange was down 0.8 percent at $5,220 a ton.
&nbsp;&nbsp;&nbsp; Chinese copper producers also advanced after the metal prices jumped. Jiangxi Copper Co., China's biggest producer of the metal, gained 7.8 percent to 38.70 yuan at 11:30 a.m. in Shanghai. Yunnan Copper Industry Co., the third-biggest, surged by the daily 10 percent limit to 27.15 yuan in Shenzhen.
&nbsp;&nbsp;&nbsp; China's economy rebounded from its weakest growth in almost a decade as record lending and surging investment countered a slump in exports. The Shanghai Composite Index has climbed 76 percent this year as investors bet that a 4 trillion yuan ($585 billion) stimulus package will drive a recovery.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, aluminum was down 0.3 percent at $1,650 a ton, zinc fell 0.7 percent to $1,531 a ton, lead was little changed at $1,636 a ton, nickel dropped 0.6 percent to $15,850 and tin lost 0.5 percent to $13,230 at 12:45 p.m. in Shanghai.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Shanghai Copper Extends Gain to One-Month High on China Economy | SMM

Shanghai Copper Extends Gain to One-Month High on China Economy

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