Copper prices were trading at $4.1360 on Monday’s session. The 0.1% decline was due to the strengthening US dollar. However, the red metal found support from the upbeat data from China and the New York state.
Bullish industrial data
Copper prices are finding support from the upbeat Chinese data released earlier on Monday. According to the country’s National Bureau of Statistics, the economy has experienced significant recovery during the first two months of the current year. This is despite the coronavirus-related lockdowns in the area.
Chinese industrial production YoY surged by 35.1% during the January-February period compared to a similar phase in the past year. The figure is higher than the 30% that analysts had predicted. In December 2020, industrial production in the Middle Kingdom has risen by 7.3%.
At the same time, the country’s retail sales surged by 33.8% during the January-February period compared to last year. Experts had forecasted a reading of 32.0%. China is one of the top consumers of the red metal in its electrical, construction, and manufacturing sectors. As such, the country’s industrial growth has come as good news to those looking to invest in commodities.
Besides, the bullish data from New York’s Federal Reserve Bank has offered support to copper prices. The state’s Empire State Manufacturing Index beat the expected 14.50 by coming in at 17.40. The figure, which is compiled from 200 manufacturers within the state, is higher than February’s 12.10.
Upcoming data
Investors who are keen to trade precious metals are now looking forward to the Fed decision on interest rates, which is scheduled for Wednesday. The announcement will come after the Federal
