China data, supply concerns lift copper prices to near two-week
- The most-traded May copper contract on the Shanghai Futures Exchange climbed 1.1% to 67,770 yuan ($10,421.34) a tonne. Earlier in the day, it hit its highest since March 3 at 68,230 yuan.
Copper prices rose on Monday to their highest in almost two weeks, building on last week's gains as industrial output growth in top metals consumer China accelerated faster than expected in January-February and concerns over global supply resurfaced.
Three-month copper on the London Metal Exchange was up 0.4% at $9,124.50 a tonne by 0350 GMT, after earlier rising to $9,199.50, the strongest since March 3.
The most-traded May copper contract on the Shanghai Futures Exchange climbed 1.1% to 67,770 yuan ($10,421.34) a tonne. Earlier in the day, it hit its highest since March 3 at 68,230 yuan.
China's industrial output grew 35.1% in January-February from a year ago, beating a 30% surge expected in a Reuters poll and faster than the 7.3% gain in December, suggesting a sharp rebound of the world's second-largest economy in the first quarter.
"The crash in activity last year is swelling the year-on-year comparisons but it's not all about base effects," said ING's Asia senior economist Prakash Sakpal. "The underlying recovery also has seen some momentum."
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