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Business

July 18, 2017

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Copper surges

Copper surges

Melbourne

London copper hit its highest since early March on Monday, supported by a weaker dollar and as an upbeat second quarter for China´s economy brightened demand prospects for metals.

China´s economy grew 6.9 percent in the second quarter from a year earlier, faster than expected and in line with the first quarter´s growth. Its property sector, a key metals user, also showed underlying demand remained resilient to government curbs.

"I´m still bullish on copper. The property backdrop is still good; China economy and industrial production numbers are still good. Orders are coming through from state grid," said analyst Dan Morgan at UBS in Sydney.

London Metal Exchange copper had climbed 1 percent to $5,983.50 a tonne by 0701 GMT, having earlier struck its highest since March 2 at $5,992. Prices added to Friday´s near 1 percent gains.

 

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