not vested
China data boosts copperCopper rose 1.08 percent to $5,989.75 a tonne, touching its highest level since early March, as the economic data from top consumer China helped reinforce expectations of strong demand.
NEW YORK: Copper prices surged to their highest levels in more than four months after robust data supporting China's economic growth, while a gauge of global stocks marked a record high for a third straight session.
China's economy expanded at a faster-than-expected 6.9 percent clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target.
Copper rose 1.08 percent to $5,989.75 a tonne, touching its
highest level since early March, as the economic data from top consumer China helped reinforce expectations of strong demand.
"There's a bid across the complex on the Chinese data," said Macquarie analyst Vivienne Lloyd.
Investors were also digesting U.S. data from Friday pointing to tame inflation and soft domestic demand that diminished prospects of a third interest rate increase from the Federal Reserve this year.
Expectations for another Fed rate hike in December stand at a less than 50 percent.
"The markets are not convinced the Fed is going to be tightening rates anytime soon," said Vassili Serebriakov, FX strategist at Credit Agricole in New York. "In that kind of an environment, the dollar is struggling."
Source: Reuters
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