The improved data helped lift hopes that Beijing’s efforts to reverse the slide in investment growth are paying off as the stronger industrial activity last month had been somewhat driven by a recovery in investment spending, notably in the state sector.
Consequently, the data also suggested that downside risk for a third quarter GDP has diminished.
“The demand picture is relatively good for copper in terms of China and I think we’ve worked through a lot of those excess inventories,” Oxford Economics analyst Dan Smith told Reuters.
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