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PrintCopper is poised for the first weekly gain in 4 after exports by China, the top user of the industrial metal, grew by more than expected, adding to signs of the global economic recovery. Zinc and lead also rose.
The metal for delivery in three months climbed as much as 0.2% to USD 7,783 per tonne on the London Metal Exchange and was at USD 7,775 at 3:49 PM in Seoul. The price is up 0.9% this week. China’s exports rose 21.8% last month from a year earlier beating the 8.1% gain median in a Bloomberg News survey.
Mr Mario Draghi president of European Central Bank said that data suggest the economy will stabilize this year and US jobless claims unexpectedly dropped.
Mr Hwang Il Doo senior trader at Seoul based Korea Exchange Bank (004940) Futures Company said that “We remain bullish on copper. Prices are bottoming out and will be able to rebound.”
Goldman Sachs Group Inc said that it is bullish on copper as home building in China and the US will drive demand. The Asian nation’s construction sector accounts for 20% of global demand.
Copper analysts are the most bullish in 5 weeks because of mounting optimism the global economy is strengthening, a Bloomberg survey shows. Thirteen analysts expect prices to rise next week. Four forecast declines and three were neutral.
The General Administration of Customs said that China’s copper imports tumbled to the lowest level in 20 months as a week long holiday slowed customs procedures. Inbound shipments of refined metal, alloy and products were 298,102 tonnes last month. That compares with 351,000 tons in January and 484,569 tonnes a year ago.
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