SHANGHAI, May 25 -- Copper advanced after Chinese imports of the metal rose to a record in April, renewing expectations that the country's 4 trillion yuan ($586 billion) stimulus program will sustain prices in the short term.
Inbound shipments of refined copper advanced 7 percent from the previous month to 317,947 metric tons, according to final data released today from the Beijing-based customs office. The shipments for the month were a record, said Zhao Kai, an analyst at Jinrui Futures Co.
China has boosted imports of the metal used to make pipes and wires as the government ramps up its stimulus program to counter the impact of the global recession.
"China's record imports, which probably peaked, may still bolster sentiment and spur a short-term rebound in copper prices," analysts led by Tan Wentao at HNA Topwin Futures Co. wrote in an e-mailed report today.
Three-month delivery copper on the London Metal Exchange rose as much as 2.9 percent to $4,599.5 a ton and traded at $4,574 a ton at 4:49 p.m. in Shanghai.
August-delivery copper on the Shanghai Futures Exchange closed 0.6 percent higher at 36,270 yuan after falling as much as 1.2 percent earlier. Copper for July delivery in New York gained 0.9 percent to $2.0695 a pound.
The latest shipments will "further damp prices, especially at a time when we feel demand is cooling," said Edward Fang, an analyst at China International Futures (Shanghai) Co.
Copper also gained after the dollar fell, making the U.S.- currency denominated contracts cheaper. The Dollar Index, a measure of the greenback against six major currencies, has lost 3.2 percent this week on speculation that the U.S. government's creditworthiness may be weakening.
Among other LME-traded metals, aluminum gained 0.3 percent to $1,454 a ton, zinc rose 3.1 percent to $1,487.50 a ton and lead added 2.2 percent to $1,421 a ton. Nickel climbed 2.6 percent to $12,444 a ton and tin advanced 3 percent to $13,700 a ton as of 4:15 p.m. in Shanghai.
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