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A worker counts copper wires at PT Voksel Electric at Cibubur district on the outskirts of Jakarta August 23, 2013.  REUTERS/Beawiharta

Copper prices inch up, extend gains on strong China GDP

SYDNEY: Copper prices edged up in early Asian trading on Tuesday, extending gains in the wake of strong Chinese economic data that boosted the outlook for metals demand.

China’s economy expanded at a faster-than-expected 6.9 per cent clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target, data released on Monday showed.

“Sentiment continues to improve in the industrial metals complex after strong economic data from China yesterday,” ANZ said in a note.

“This data appeared to boost confidence in the country’s ability to weather the regulatory reforms that are appearing to tighten monetary conditions in China.”

FUNDAMENTALS
LME COPPER: Three-month copper on the London Metal Exchange was trading up 0.2 per cent at $6,007 a tonne at 0130 GMT, maintaining gains posted in the previous London session, where the price hit 4-1/2-month highs.

SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange rose 0.78 per cent to 47,890 yuan ($7,082) a tonne.