Copper climbs past $6K/ton on upbeat China data

|By:, SA News Editor

Mining stocks are on the move as copper prices rise above $6K/metric ton for the first time since March after the Chinese government said its GDP expanded at a 6.9% annual rate in Q2 and industrial production growth of 7.6% beat expectations.

Freeport McMoran (FCX +4.6%) is up more than 4%, while Antofagasta (OTC:ANFGF +4%) also is headed higher.

A weak U.S. dollar, which earlier hit a 10-month low against a basket of other commodities, adds support to copper and commodity prices including aluminum, lead, zinc and nickel.

Meanwhile in the U.S., Reuters reports Comex copper stockpiles are set to rise from their current 13-year highs because China is buying more scrap metal.

"We’ve had the build up but we have not yet had the run down, which means that demand hasn't come yet," says Barclays metals analyst Dane Davis.

ETFs: JJC, DBB, CPER, BOM, BOS, JJM, CUPM, BDD, RJZ, BDG, UBM, HEVY