Copper (HG1: COM) prices rose again today after a rebound in Chinese metal imports, indicating that the country’s manufacturing and construction sector may emerge faster than expected following the coronavirus collapse.
Comex May Copper Futures Closing + 1% at $ 2.4085 / lb. for a fifth consecutive gain and their best week since February 2019; prices recovered 14% after a several-year low at the end of March.
Customs data released yesterday showed that China’s refined copper imports in April increased 14% year-over-year to nearly 442,000 metric tonnes as factory and construction activities continue to increase .
Stocks and commodities in general got a boost today, with major trade negotiators from the United States and China committed to creating favorable conditions for their recent trade deal.
Relevant tickers include FCX, BHP, RIO, SCCO, TECK, HBM, OTCQX: AAUKF, OTCPK: AAUKY, OTCPK: GLCNF, OTCPK: GLNCY, OTCQX: FSUMF, OTC: ANFGF
ETF: JJCTF, COPX, CPER, JJC