Copper up on China growth but stocks dip

Copper prices rose on Wednesday, after stronger-than-expected growth figures from China, the world’s largest consumer of the metal.

High Grade Copper futures for September delivery were up more than one per cent, following official data that showed China’s economy grew at an annual rate of seven per cent in the second quarter.

The metal, which is seen as a key barometer for the health of the global economy, has been trading near six-year lows recently amid concerns of a gradual slowdown in China and worries about Greece.

Chinese factory output also hit a five-month high, but this failed to arrest the decline in stocks.

Shares on the main index in Shanghai fell more than three per cent despite recent central bank measures to stem a run of losses that’s seen Chinese stocks shed more than 30 per cent in a month.

Elsewhere, stocks in Europe were little changed ahead of the Greek parliament’s vote on bailout proposals agreed with creditors on Monday.

Mining stocks were among the big gainers, with Rio Tinto up two per cent and Anglo American climbing by nearly three per cent.