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Chinese copper imports lift prices

Copper futures rose 4% to above $4.5 per pound, the highest since end-July.

Rony Abboud

By Rony Abboud
October 14, 2021

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Copper futures rose 4% to above $4.5 per pound, the highest since end-July lifted by a weaker dollar and positive Chinese trade statistics.

The Chinese data shows that imports of unwrought copper and copper products to Chinese ports rose month-over-month to 406,016 tonnes in September, the first monthly increase after 5 straight monthly declines, as shipments previously held up by pandemic curbs made their way into the world’s largest copper consumer.

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Funds investing in Copper futures and Copper miners traded higher on the release of data with WisdomTree Copper (COPA)United States Copper Index ETF (CPER) and Global X Copper Miners ETF (COPX) gaining more than 2.15%, 4.28% and 2.43% respectively on Wednesday.

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