The country’s main export product rose almost 1% on the London Metal Exchange.
China does it again. In the Asian giant it was reported that its industrial activity in August grew strongly, even being the best record since 2011. In this way, these data boosted the price of copper in the market.
According to Cochilco, the red metal closed the day on the London Metal Exchange at US $ 3.079 per pound, which meant an intraday rise of 0.9%.
With this value, the country’s main export product climbed to highs in June 2018. In the market they also highlight that these values of the red metal are also achieved by a drop in copper inventories and the weakness of the dollar price at the international level.
Thus, ING analyst Wenyu Yao told Reuters that “expectations are for strong Chinese demand.”
But not only the price of copper is having a good day, but also some mining stocks. For example, mining company Glencore rises 0.82% on the London Stock Exchange.