Copper price hits eight month high, China buying again Friday, August 09, 2013 by Proactive Investors
Copper price hits eight month high, China buying again Copper hit an eight month as China's copper imports rose for the third straight month in July, growing 8.1 percent to a 14-month high.
The strong figure was a surprise to some traders who had expected fewer shipments due to weak seasonal demand in the domestic market.
High imports from the world's top consumer of copper could support prices in the international market, which have fallen about 10 percent so far this year.
China's copper imports rose for the third straight month in July, growing 8.1 percent to a 14-month high, helped by demand for the metal as collateral for financing and the arrival of shipments from earlier orders.
The strong figure was a surprise to some traders who had expected fewer shipments due to weak seasonal demand in the domestic market.
High imports from the world's top consumer of copper could support prices in the international market, which have fallen about 10 percent so far this year.
Copper futures for delivery in September rose 3.1 percent to settle
at $3.2705 a pound.
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