Trackinsight: Chinese copper imports lift prices

10/14/2021 | 10:45am

Copper futures rose 4% to above $4.5 per pound, the highest since end-July.

Copper futures rose 4% to above $4.5 per pound, the highest since end-July lifted by a weaker dollar and positive Chinese trade statistics.

The Chinese data shows that imports of unwrought copper and copper products to Chinese ports rose month-over-month to 406,016 tonnes in September, the first monthly increase after 5 straight monthly declines, as shipments previously held up by pandemic curbs made their way into the world’s largest copper consumer.

Funds investing in Copper futures and Copper miners traded higher on the release of data with WisdomTree Copper (COPA), United States Copper Index ETF (CPER) and Global X Copper Miners ETF (COPX) gaining more than 2.15%, 4.28% and 2.43% respectively on Wednesday.

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