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Traders will be keeping a close watch on the copper price which, following last night’s Chinese economic data, will have a strong chance of breaking out of the range-bound pattern it has found itself in over the last couple of months.
Although Chinese trade balance figures have fallen by far more than markets were expecting, the increase in the country's imports and exports does hint towards a new lease of life for an economy that many felt was set to continue cooling for some time. Any upturn in China’s economy will be quickly felt by traders of copper as it is such an essential component in almost all construction.
A quick glance at the recent past shows that the Chinese purchasing managers index and non-manufacturing PMI have both grown and are comfortably above the critical 50 level, leading to the belief that this constant cooling of the Chinese economy really could be set for a turn. If this is the case the metal price could find that for the first time in a while demand could be driven by both the US and Asian markets. Time, as always, will tell.