Copper price jumps as Chinese imports surgehttps://www.mining.com/copper-price-jumps-as-chinese-imports-surge/
UPDATED FRIDAY, MAY 8 @ 2pm EST.
Copper rallied again on Friday after a rebound in Chinese imports of the metal indicated the country’s manufacturing and construction sector may be emerging faster than anticipated from the covid-19 slump.
Copper trading in New York rose by more than 2% to $2.43 a pound ($5,355 a tonne) in early afternoon trade, on track to close at an eight-week high. In March, the bellwether metal briefly traded below $2.00, levels last seen during the global financial crisis of 2008-2009, but has now recovered by more than 20%.
Customs data released Thursday showed China’s refined copper imports in April rose 14% from a year ago to just under 442,000 tonnes, as factories and construction activity continues to ramp up.