Copper up slightly on Chinese economic growth
LONDON (Oct 19) Copper prices got a much-needed – but minor – boost on Friday on news of strong economic growth in China made headlines.
A recent report by energy and metals analysis firm Wood Mackenzie also forecasts that China will become the world's main consumer of base metals by 2017. The Asian giant currently accounts for 40% of global copper demand.
In September, Chinese copper imports hit a high for the year.
But China's Q3 results didn't erase all scepticism – there's some concern that the September boost is only temporary.
A senior metals analys at UOB Kay Hian Securities in Hong Kong said she hadn't "really changed [her] bearish view for 2014 and 2015" because she expects "China's industrial production growth to slow as the growth becomes less investment-driven."