Copper rose for a third day in New York and reached a record in London on speculation that China may say economic growth topped estimates, boosting the demand outlook, and inflation slowed. The country’s economy expanded by 10.3 percent last year, Phoenix Television reported today. The broadcaster cited an unidentified official with the People’s Bank of China. Inflation was at 4.6 percent in December, it said, which would be less than the prior month’s 5.1 percent annual pace. The figures are scheduled for official release tomorrow.
“Copper was printing all-time highs as London opened, further encouraged by a leak of Chinese CPI data,” Alex Heath, head of industrial-metals trading at Royal Bank of Canada Europe Ltd. in London, said in a report. “If inflation has eased, the pressure will ease for further significant Chinese monetary tightening, and this triggered further fresh buying interest.”
Copper for March delivery added 2.1 cents, or 0.5 percent, to $4.449 a pound at 8:09 a.m. on the Comex in New York. Copper for three-month delivery climbed 0.4 percent to $9,741 a metric ton on the London Metal Exchange after reaching $9,781. All of the six main metals traded on the LME advanced except lead.
The rate of economic growth reported by Phoenix would exceed the 10.2 percent estimate in a Bloomberg survey of economists. The pace of inflation would match the median forecast in a separate survey. (more)
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