--Comex September copper recently trades up 9.8 cents, or 3.1%, at $3.271 a pound
--Chinese exports rise in July after falling the previous month
--China copper imports highest since May 2012 as buyers took advantage of lower prices
By Matt Day
NEW YORK--Copper climbed by more than 3% on Thursday, hitting an eight-week high as traders bet that stronger Chinese trade data pointed to higher demand from the top metals consumer.
The most actively traded copper contract, for September delivery, recently traded up 9.8 cents, or 3.1%, at $3.271 a pound on the Comex division of the New York Mercantile Exchange.
Chinese exports and imports both rose in July by more than economists had expected, a sign that the second-largest economy is steadying following a slowdown during the first half of the year.
The data "are a further indication that the Chinese economy is stabilizing," analysts with Commerzbank said in a note.
Chinese exports rose 5.1% in July from the same month a year earlier, data released on Thursday showed, reversing a 3.1% drop the previous month. The fall in June had raised worries that China's export-focused economy was falling victim to a sluggish global economy.
Meanwhile, China's copper imports rose 12% from a year earlier, to 410,680 tons, the most since May 2012.
"Base metals roared to life" after the data, traders with RBC Capital Markets said in a note.
Futures rose as high as $3.278 a pound, the highest intraday price since June 11.
China accounts for about 40% of global copper use. Amid worries that growth there was stumbling, Comex copper futures in late June settled at the lowest price since July 2010.
The Commerzbank analysts said traders in China likely took advantage of the lower global copper prices to stock up.
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