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MTECHTIPS:-Copper wavers as China inflation data adds to stimulus hopes

MTECHTIPS:-Copper wavers as China inflation data adds to stimulus hopes

Copper futures swung between small gains and losses on Wednesday, as weak China inflation data reinforced views that Beijing will roll out fresh support measures soon for the world’s second largest economy. Copper for December delivery on the Comex division of the New York Mercantile Exchange inched down 0.4 cents, or 0.17%, to trade at $2.384 a pound during morning hours in London. A day earlier, copper lost 2.8 cents, or 1.16%, after data showed China’s exports and imports fell in September, adding to concerns over the health of the world’s second-biggest economy. Government data released earlier showed that Chinese producer prices fell 5.9% in September, the 43rd straight monthly decline and matching the worst reading since October 2009. Consumer prices rose 1.6% last month, below expectations for 1.8% and down from 2.0% in August. The soft inflation data added to speculation policymakers in Beijing will have to introduce further stimulus measures to boost growth. Trade data on Tuesday revealed that China’s imports shrank far more than expected in September, falling for the 11th straight month. A slowdown in domestic demand indicated a recovery in the broader economy remains fragile and may need further government stimulus.

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