Metals edge higher, China trade data stems corrective downswing

Base metals prices pushed modestly higher across the board during Wednesday LME morning trading – some solid Chinese trade reports earlier averted follow-through to the previous day’s corrective downswing, traders said. In today’s data, China’s trade balance rose in May to $50 billion from the previous month. Chinese imports of unwrought copper and copper products fell 3.7 percent month-on-month to 430,000 tonnes in May, according to preliminary data published by the country’s General Administration of Customs. This lifted imports to 2.31 million tonnes in January-May, up 22.1 percent year-on-year. Read more in article by Martin Hayes, fastmarkets.com

2016-06-08 13:29