Despite lower Chinese imports (for the 7th month in a row) and surging supply, copper prices have just surged to 12-month highs, breaking through March stops in a technical move that has seen an unprecedented 12 days up in a row.
Following 9 straight down days, copper futures have now surged for 12 straight days to one year highs… The previous record streak of gains was 9 days (Dec 2004 and Sept 1991)
But as Bloomberg details, China, the world’s biggest producer and user of refined copper, reduced imports for a seventh month to the lowest level since February 2015, as domestic output climbed.
Purchases of unwrought copper and products fell 15 percent to 290,000 metric tons in October from 340,000 tons a month earlier, and compared with 423,380 tons a year ago, according to Chinese customs data on Tuesday.
China’s productionexpanded 7.2 percent to 725,000 tons in September from a year earlier, taking output to 6.2 million tons in the first nine months, up 8.4 percent from the same period last year, as capacity expanded and ore imports increased.
via http://ift.tt/2fXuFyC Tyler Durden