Colosseum a.s. (Colosseum a.s.)
Commodities  |  March 06, 2013 08:35:33

Bets on Chinese demand drove the growth of copper



ColosseumChina announced yesterday its economic targets for this year. Plans to achieve GDP growth of 7.5%, and the newly opened 5,200 km of new railway lines as well as 80,000 km of new highways. That was good news for copper, since they're expected increased Chinese demand for the metal. China is the largest consumer of the metal in the world. During February the price of copper dropped quite significantly due to higher inventories. According to the London Metal Exchange only since the beginning of this year, copper inventories rose by 48%. Yesterday the May copper on CME strengthened by 0.4% to $ 351.50 per pound of weight.

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