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Copper advances on prospects for Chinese growth and Japan stimulus
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Monday, 19 Nov 2012
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Copper rose for the third time as the outlook for demand brightened with improved economic growth in China, the world’s biggest user of the metal and speculation that Japan will expand stimulus measures.

Chinese exports, output and retail sales are rising reports in the past week showed while a leadership change outlined yesterday may signal more spending on highways and rail to spur growth. Japan’s Topix Index rose amid speculation that newly announced elections may put in power a party pushing for more central bank easing and stimulus spending.

Mr Harry Denny broker at Hoboken New Jersey-based PVM Futures Inc said that “People are feeling that China may be going into next year a bit more aggressively on buying metals.”

Mr Andrew Harding CEO of London based Rio Tinto Group’s copper unit said that China’s economy is showing signs of stabilizing including in its housing market. The full impact of the country’s stimulus measures probably won’t be seen until early 2013 and after the changes in government leadership are complete.

Mr Michael Turek senior director at Newedge Group SA in New York said that “Regime changes in China and possibly Japan bring with them the prospect of more stimulus.”

Source - Bloomberg.net

(www.steelguru.com)

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