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Copper, Aussie Dollar Jump, Shanghai Stocks Slump -

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    • Copper, Aussie Dollar Jump, Shanghai Stocks Slump
Jul, 15th 03:15

Copper climbed with the Australian dollar as Chinese economic data came in ahead of estimates, while Shanghai stocks retreated as more companies resumed trading. Oil pared a second-day advance in New York.

Copper added 0.4 percent by 11:58 a.m. in Tokyo and the Aussie strengthened 0.2 percent. The Shanghai Composite Index fell 2.9 percent as the better-than-estimated data failed to prevent for a second straight decline. U.S. index futures climbed. Oil advanced on speculation Iran’s nuclear deal won’t unleash a flood of crude exports.

Chinese gross domestic product expanded 7 percent in the second quarter from a year earlier, beating estimates for a 6.8 percent increase, while June industrial-production and retail-sales growth topped economists’ projections. Federal Reserve Chair Janet Yellen addresses Congress, with traders paring bets on interest-rate increases after an unexpected drop in retail sales. The Bank of Japan meets on monetary policy Wednesday.

The Hang Seng China Enterprises Index initially climbed after the data before swinging to a 0.8 percent loss. The Hang Seng Index slipped 0.4 percent in Hong Kong. Both gauges fell for the first time in four days Tuesday. The Shanghai Composite is trading about 25 percent below its June 12 closing high.

Copper climbed to $5,587 a metric ton in London, clawing back some of Tuesday’s declines. Zinc rose 0.8 percent, advancing a sixth day. China is the world’s biggest consumer of industrial metals.

In Japan, the Topix index rose a fourth day, climbing 0.4 percent. The yen was little changed for a second day, trading at 123.36 per dollar ahead of the BOJ review.

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