The most-traded July copper contract on the Shanghai Futures Exchange edged up 0.2 percent to 45,880 yuan ($7,389.63) a tonne on Friday after weaker-than-expected China trade data fanned hopes of further stimulus, with an upcoming US jobs report also in focus. China's exports unexpectedly fell 6.4 percent in April from a year earlier, while imports tumbled by a deeper-than-forecast 16.2 percent, fueling expectations that Beijing will quickly roll out more stimulus to avert a sharper economic slowdown.
"We're keeping an eye on China data, and expecting more stimulus announcements ... such as RRR (Reserve Ratio Requirement) cuts. It's quite possible that they will help support commodity prices in the near term," said analyst James Glenn of National Australia Bank in Melbourne. China's copper imports fell 4.4 percent in April from a year earlier as weak domestic demand limited appetites for imports. Arrivals stood at 430,000 tonnes in April, the highest monthly imports since April 2014 and up 4.9 percent from 410,000 tonnes in March. In Shanghai bonded zones, nickel premiums fell by $10 to $190, having wildly diverged to $120-$260, as brands deliverable against the new ShFE contract attract searing demand, given a large contingent of short positions.
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