SYDNEY, Dec 12 (Reuters) – Copper futures steadied on Monday after building on last week’s strong Chinese economic figures, and bullish outlooks by banks and analysts.
Producer prices in China, the world’s top metals consumer, rose at the fastest pace in more than five years in November as prices of coal, steel and other building materials soared.
The stronger-than-expected 3.3 percent surge in prices, along with upbeat factory readings from China, the United States and Europe, add to views that the global economy may be slowly reflating again thanks to a pick-up in industrial activity.
“Copper is the obvious beneficiary of the economic growth signals emerging around the world, and that’s being reflected in the copper futures markets,” said Gavin Wendt, an analyst with MineLife in Sydney.
“The sentiment is as positive as it has been in quite a while,” Wendt said.
ANZ Bank in a note said that a “general positivity” was taking hold in industrial metals markets.
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