LIVE FUTURES REPORT 09/11: Copper prices rise on strong Chinese economic data; aluminium down on stock concerns

The most-traded January copper contract gained 0.56%, or 300 yuan per tonne on Thursday morning to 53,720 yuan per tonne as of 1029am Shanghai time.
Strong producer price index (PPI) data released on Thursday morning boosted market sentiment. China’s October PPI was up 6.9%, beating expectations of a 6.6% increase and unchanged on a monthly basis, according to China’s National Bureau of Statistics.

Meanwhile, China’s consumer price index for October was up 1.9% year-on-year, above expectations of a 1.8% rise and the previous month’s 1.6% increase.

China’s copper imports during October were below market expectations.

China imported 330,000 tonnes of unwrought copper and copper-fabricated products in October, down 100,000 tonnes from 430,000 tonnes in September but still 14% higher than the 290,000 tonnes imported in October 2016.

Aluminum down on rising stocks
The most-traded January aluminum contract was down 1.36%, or 215 yuan per tonne as of 1029am Shanghai time on concerns over high stock levels.

A local information provider survey showed domestic stocks have risen a further another 4,000 tonnes so far this week to nearly 1.69 million tonnes.

Lead and zinc rise

• The SHFE January zinc contract was up 0.51%, or 130 yuan per tonne to 25,515 yuan per tonne.
• The SHFE December lead contract rose 240 yuan to 18,910 yuan per tonne.
• The SHFE January nickel contract was down 200 yuan per tonne to 100,930 yuan per tonne.
• The SHFE January tin contract was down 70 yuan to 141,680 yuan per tonne.

Currency moves and data releases

• In other commodities, the Brent crude oil spot price was up $0.21 at to $63.71 per barrel and the Texas light sweet crude oil spot price was up $0.10 at $56.94 per barrel.
• In equities, the Shanghai Composite Index was up 0.10% to 3419.04.
• The US dollar index on Wednesday morning rose 0.02 to 94.89.
• In data, the results of a Japan 30-year bond auction, Germany’s trade balance, and the ECB’s Economic Bulletin and Forecasts are all due later today; meanwhile, in US data, the release of final wholesale inventories, natural gas storage numbers and a 30-year bond auction are also key events to watch out for.