Most traders feel that copper received a significant boost in support in the wake of favorable Chinese trade data results overnight. While seeing a 14% jump in Chinese exports in December clearly provides a positive signal for the global economy, a rise in Chinese imports was widely seen to have added to the positive vibe in physical commodities this morning.
News of record Chinese Iron Ore imports, and news of rising Chinese infrastructure spending on electric projects, will also give the copper market a definitive demand side boost. Another issue that might provide some minor support to copper is news of a daily decline in LME copper stocks overnight of 2,475 tons, as that measure recently has seen a series of builds.
Read More on International Business Times