Sydney
Copper firmed in Asian trading, helped by supply concerns and recent data pointing to robust import demand.
A fall in inventories both on the London Metal Exchange and the Shanghai Futures Exchange also helped support prices, traders said. Three-month copper on the London Metal Exchange edged up 0.1 percent to $5,736 a tonne by 0125 GMT, extending an overnight gain that saw the metal at its highest in a week. The most-traded copper contract on the Shanghai Futures Exchange was up 1.6 percent to 45,770 yuan ($6,732) a tonne. Copper stocks in LME warehouses fell 7,875 tonnes on Wednesday to 286,350 tonnes, continuing their retreat from early May´s seven-month high. They have declined almost 20 percent from that peak. China reported stronger-than-anticipated exports and imports for May despite falling commodity prices, suggesting the economy is holding up better than expected despite rising lending rates and a cooling property market.