(Bloomberg) — Copper was little changed as traders digested strong Chinese trade data that pointed to healthy demand in the world’s most important market for industrial commodities.
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Despite tariffs imposed by US President Donald Trump, growth in shipments from China unexpectedly accelerated in July as suppliers turned to alternative markets. The total value of exports jumped 7.2% from a year earlier, beating economists’ forecasts for 5.6% growth.
China’s manufacturers increasingly have leaned on exports to offset softer growth at home, a trend that helps sustain demand for commodities. Metals are widely used to make industrial products like air conditioners, cars and consumer goods that are sold abroad.
Copper imports were also stronger than expected, said Zhou Xiao’ou, an analyst with Zijin Tianfeng Futures Co. Purchases of the unwrought metal and products reached 480,000 tons in June, the highest level this year. Russian shipments and cargoes from Chinese-owned mines in Africa may have replaced those rerouted to the US to beat the Trump administration’s tariff deadline, she said.
Copper on the London Metal Exchange was up 0.1% to settle at $9,684.50 a ton at 5:50 p.m. local time. Other main LME metals except nickel were higher.
–With assistance from Sarah Chen, Jack Ryan and Yvonne Yue Li.
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