A series of macro economic data came from China, fuelling a rally in copper. As economists have turned positive about China’s economy, copper, with other industrial metals, has recently gone up. Initial data for July have added to the picture. China’s GDP, industrial production, retail sales, import export and trade balance data, all have beaten Street estimates. China’s government is pumping funds into its domestic infrastructure sector, directly sparking off demand for copper. Frequent, though unpredictable, strikes at Chile’s Antofagasta mine and at Peru’s 50 mines have also pushed prices up.
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