NEW YORK, April 12, 2007 – COMEX copper closed higher on Friday, driven by the weakening U.S. dollar and the year-on-year increase in China’s copper imports in March.
The most active May copper contract closed up 5.9 cents at $2.9460 per pound.
The dollar index fell, signs of China’s economic stability and the strong start of the US corporate earnings season boosted demand for risky assets, making the dollar the worst weekly performance against the euro in four weeks.
Data released by the General Administration of Customs on Friday showed that China’s exports rebounded in March, but imports shrank for the fourth consecutive month and the pace accelerated, reflecting a mixed economic situation as the Sino-US trade negotiations approached a general conclusion.
According to the General Administration of Customs, China imported 391,000 tons of unwrought rolled copper and copper in March, an increase of 26.1% annually compared with the same period last year, and a decrease of 9.1% compared with 430,000 tons in the same period last year.
In the first quarter of this year, China imported 1,180,000 tons of unwrought rolled copper and copper, down 4.3%.
China imported 1,767,000 tons of copper concentrate in March, down 8.0% compared with the previous year, and increased by 10.4%.
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