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Copper increases in price

At the end of last week, on Friday, the price of copper on the London Metal Exchange was held in the hall of his two-month high. Experts explain this fact a positive impact on the world market recently announced trade statistics in China. Imports of copper and production of the red metal in the country increased by 12% in July this year (up to 410.68 thousand. Tons in absolute terms), while the highest rate since May 2012. Compared with July 2012, Chinese imports of copper rose by 8.1%. The total volume of commodity imports in China in July 2013 increased by 11% in comparison with July 2012, while exports increased by 5.1%. This is a significant «breakthrough», as previously reported, the total volume of merchandise exports from China decreased by 3.1% in June 2013.

According to director of the department of metals «Newedge» brokerage companies, major economic Chinese leaders once again emphasize the fundamental economic growth. Meanwhile, some analysts believe that the jump in copper prices in the last week is connected not only with the upbeat Chinese statistics. For example, William Adams, who served as head of the department «FastMarkets.com» Research believes that the resource growth of quotations owes much to a weakening of the dollar to other «running» currencies.

We recall that on Friday on the London Metal Exchange, the contract price of copper for delivery in three months was 7.18 thousand dollars per ton… At the same time on Thursday — during the day — the price of the resource has already reached a level of 7.215 thousand dollars per ton -. Which is the highest level since June 2011. The cost of other metals fluctuated with much smaller amplitude (for example, the price of aluminum rose by only 2.4%, reaching the mark of 1.84 thousand. Dollars per ton).

According to experts, a high rate of industrial growth in China in July 2013 may cause a subsequent jump in prices for non-ferrous metals. However, a radical change of CM market players do not expect. In particular, Helen Lau, a senior analyst «UOB-Kay Hian Holdings Limited», said the desire of the Chinese government to maintain economic growth in the country at the level of 7% slightly improves the overall investor sentiment, but a sharp change in the situation is unlikely. According to Singapore's expert, the price of copper in the near future will remain in the corridor of 6.9−7.3 thousand. Dollars per ton.

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