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On Monday, the market will continue to be closed due to the Easter holiday, and the night trading will not be traded
.
Today, the LME opened higher at 5725.
5 US dollars / ton, and London copper is expected to run in the 5 and 10-day moving averages within the day, with a range of 5710~5770 US dollars / ton
.
China's economy grew at 6.
9 percent in the first quarter, the fastest quarterly pace since the third quarter of 2015, driven by credit and infrastructure spending and continued rapid growth in the real estate market
.
Growth in the first quarter was slightly higher than the 6.
8 percent growth rate set by the Chinese government in the fourth quarter of last year and well above the annual growth target
of about 6.
5 percent set by the Chinese government.
Economists said they expect the credit-fueled momentum to continue into the second quarter, after which growth momentum will moderate.
Separately, China's National Bureau of Statistics reported a 6.
9 percent GDP increase on Monday, higher than the 6.
8 percent
forecast by economists previously surveyed by Er Street Daily.
China is the world's largest consumer of copper, so the country's economic data usually influences copper price movements
.
Analysts at Bank of America Merrill Lynch wrote that looking closely at China, activity in most areas is resilient
.
Spot demand for base metals also remained flat
, analysts said.