The Chinese love their copper

Overnight we saw the release of a range of import and export data out of China, which overall was much more posiitve than had been widely expected.

Shipments to China of unwrought copper and copper products rose to 410,680 metric tons in July, the highest since May 2012, customs agency data showed today.

Chinese trade data showed exports rising 5.1% from a year earlier, up from June’s 3.1% fall.

Imports, which had dropped 0.7% in June, showed a 10.9% leap for July.

As a result our stop got tagged and we are forced to take a small loss on the trade. I'm still bearish overall on copper and China but unfortunately stops are there for a reason.