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MTECHTIPS:-Copper jumps to more than 1-week high after China GDP data
Copper prices jumped to a more than one-week high in Europe trade on Tuesday, after China’s quarterly economic growth met expectations, calming fears over a deeper than expected slowdown. Official data released earlier showed that China’s economy grew 6.8% in the fourth quarter from a year earlier, the weakest pace of growth since the first quarter of 2009. That was in line with market expectations and down from growth of 6.9% in the previous three months. Full-year growth was 6.9%, the slowest pace of expansion in a quarter of a century but roughly in line with the government’s growth target of around 7%. A separate report showed that industrial production rose by an annualized rate of 5.9% in December, below expectations for a 6.0% increase and following a gain of 6.2% in the preceding month. Data on fixed asset investment and retail sales also missed forecasts, reinforcing views that Beijing will roll out further support measures soon for the world’s second largest economy. Copper for March delivery on the Comex division of the New York Mercantile Exchange rose to a session high of $2.013 a pound, the most since January 10, before falling back to $2.002 by 08:00 GMT, or 3:00AM ET, up 3.7 cents, or 1.91%. A day earlier, prices of the red metal plunged to $1.935, a level not seen since March 2009, amid ongoing concerns over a China-led global economic slowdown. Copper is down nearly 6% so far this year as investors slashed holdings of the red metal amid persistent worries over an economic slowdown in China.
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