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MTECHTIPS:-Copper rises as disappointing China data fuels stimulus bets

Thursday, March 12, 2015 0:38

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MTECHTIPS:-Copper rises as disappointing China data fuels stimulus bets

Copper prices inched up on Wednesday, after data showed that China’s factory output grew less than expected in the first two months of the year, adding to pressure on policymakers to introduce broad-based stimulus measures. On the Comex division of the New York Mercantile Exchange, copper for May delivery tacked on 1.3 cents, or 0.5%, to trade at $2.638 a pound during European morning hours. Prices held in a range between $2.614 and $2.647. Futures were likely to find support at $2.592, the low from March 9, and resistance at $2.669, the high from March 10. Data released earlier showed that industrial production in China rose at an annualized rate of 6.8% in the January-February period, missing estimates for a gain of 7.8% and the smallest increase since late 2008. Fixed asset investment, which tracks construction activity, rose 13.9% in the first two months of the year, below forecasts for an increase of 15.0% and the slowest pace since 2001. A separate report showed that retail sales rose 10.7%, trailing expectations for a gain of 11.7%. A day earlier, copper tumbled 4.6 cents, or 1.74%, to settle at $2.624 after data showed that producer price deflation in China deepened in February. The recent batch of weaker than expected data underlined concerns about China’s economy and sparked speculation policymakers in Beijing will have to introduce further stimulus to boost growth and ward off deflation. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year

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