DJ Copper Traders Look on China’s Bright Side Again

DJ Copper Traders Look on China's Bright Side Again

Speculators quadrupled their net bet on higher copper prices in the week ended Tuesday, the CFTC says, evidently undeterred by worries about credit-market turmoil in the top consumer of the metal. China has given investors some upbeat data on broad-based growth and industrial activity the last few weeks. Copper stockpiles outside of China continue to slide, down 30% from the decade high earlier this year, and the prevailing view is this metal is flowing into Chinese warehouses. Meanwhile, analysts say copper intensive-power infrastructure construction continues to roar along. That’s helped prices defy gravity a bit the last few months: Comex copper gains 0.9% this week $3.2985.

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