Statements of Chinese Premier Wen Jiabao during the week supported Copper. China Premier said recently that easing inflation gives a chance that the monetary policy can be revised. Imports remained higher unlike expectations of fall.
China General Administration of Customs report showed that total unwrought Copper imports were 366548 tonnes, up 6% in the month of July compared to June. In another news, China trade surplus for the month of July took a beating. China's import and export value was $ 328.73 billion in July, an increase of 2.7%.
German Chancellor Angela Merkel reinstated the calls of European Central Bank in supporting Euro Zone economies giving some respite for prices at the end of the week. Meanwhile, WBMS reported that World Copper markets were in deficit of 129000 tonnes in January-June 2012, compared to a surplus of 433000 tonnes in full year ending 2011.
Copper has been under a fix due to sinking economic dynamics on one hand and on the other hand it is the dwindling inventory numbers in London Metal Exchange. LME three month forward Copper closed the week at $ 7537.2 per tonne, up 1.3%.
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