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Copper advances from 3-week low

16th April 2014

Copper has risen from its lowest level in three weeks in commodities trading markets today (April 16th).

Demand for the industrial metal was boosted after official figures showed economic growth in China - the world's largest consumer - exceeded expectations in the first quarter of the year.

According to data released in Beijing overnight, the Chinese economy expanded by 7.4 per cent, above the consensus estimate for growth of 7.3 per cent. 

Despite this, the result was the weakest recorded in six quarters and represents a slowdown from the 7.7 per cent advance registered in the final three months of 2013. As a result, copper's gains are expected to be limited. 

On the London Metal Exchange, the metal for delivery in three months added as much as 0.7 per cent to $6,584.75 per metric tonne. Yesterday, the contract slumped by 1.9 per cent - its largest single-session fall in a month.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.