The European Union is China's largest trading partner. China has said it wanted to cool its economy to keep it from getting overheated. Traders had grown concerned that China would inadvertently slow growth too much and hurt a global rebound.
Copper futures rose Thursday in reaction to stronger equities and a softer dollar as global economic sentiment improved, brought on by an upwardly revised European Central Bank forecast for euro-zone growth this year.
Benchmark copper lost 26% of its value from the April peak to the early-June low due to worries about European sovereign-debt issues hurting the economy and China's efforts to cool its economy. The metal has bounced the last two days, however, on improved economic optimism helped along when Federal Reserve Chairman Ben Bernanke said Wednesday that he looks for continued U.S. growth this year and next.
Still, said Meir, "this level is still pretty high compared to March and April numbers, which were the second-highest and third-highest on record." Furthermore, copper imports for the year to date so far are up from a year ago.
China's copper imports at around 397,000 tonnes were slightly below forecasts, but analysts had expected a drop from April's 436,345 tonnes as measures to cool growth rates and slow property speculation took hold.
Inventories for copper at LME registered warehouses dropped by 1,775 tonnes and by 7,575 tonnes for aluminum.
Lead ended up $4 at $1,684 a tonne, and tin added $720 to close at $16,650 a tonne. Aluminum was untraded in rings but was last quoted at $1,949/1,950 a tonne from Wednesday's close at $1,927. Nickel shed $325 to end at $18,945.
LME zinc settled down $37 at $1,720 a tonne. It is the weakest performer among LME metals, losing one third of its value this year, under pressure from high stocks and worries about longer term surpluses.
http://www.proactiveinvestors.co.uk/companies/news/17554/china-data-leads-world-markets-higher-17554.html
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