Copper sees good gains, China Copper concentrate imports up 7.4% YTD

COMEX Copper futures are trading at $4.88 per pound, up 0.72% on the day as firm equities supported the metal. In Asia, Chinese Shanghai Composite index added 0.43%. Hong Kong's Hang Seng index jumped 1.63%, adding to recent gains. Japanese NIKEEI index rose by 0.92%. European indices saw minor gains. The US stocks soared on Friday as trade talks remained in focus. The Nasdaq and the S&P 500 reached their best closing levels in over three months. The Nasdaq spiked 1.2%, the Dow surged 1.1% and the S&P 500 jumped 1%. Meanwhile, China imported 2.4 million metric tons of copper concentrate in May, customs data showed on Monday, dropping 18% from the record amount set in April. However, compared to the same month a year earlier, imports rose 5.8%. Year to date, imports were up 7.4% at 12.4 million tons. Imports of unwrought copper and copper products fell 16.9% on year and 2.5% on month to 427,000 tons. The MCX Copper futures are quoting at Rs 880.25 per kg, up 0.51% on the day.

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