Copper price jumps to 9-month high on red-hot China data

The price of copper jumped on Wednesday after upbeat industrial activity data from China, consumer of half the world’s industrial metals, provided evidence that Beijing’s stimulus program is finally filtering through to the real economy.

Copper for delivery in May added more than 2% to touch a high of $2.9955 per pound ($6,604 per tonne) on the Comex market in New York. It’s the highest level since early July last year.

China’s GDP grew at a 6.4% clip in the first quarter compared to last year, handily beating expectations of continued slack in the economy which is growing close to the slowest pace in nearly three decades.

But it was a surge in industrial production that really lit a fire under copper.

Georgian Mining Corporation (LON:GEO) has 50% ownership of the Bolnisi Copper and Gold Project in Georgia, situated on the prolific Tethyan Belt, a well-known geological region and host to many high-grade copper-gold deposits and producing mines. 

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