Materials Fall After Chinese Import Data, French Election - Materials Roundup

Shares of miners and other commodities processors fell after data showed a plunge in Chinese copper demand. Copper for July delivery fell 1.8% to $2.4835 a pound on the Comex division of the New York Mercantile Exchange, on track for the lowest close since Dec. 23. Figures released by the Chinese customs authority Monday showed a 30% fall in copper imports for April from a month earlier, bringing imports to their lowest level in six months. The dollar rose against the euro in a "buy the rumor, sell the news" response to Emmanuel Macron's election in France. The risk of "Frexit" causing a European Union implosion has essentially evaporated because of Macron's pro-EU position, but fears about euro zone economic growth persist. "Not only does the market like the defeat of Marine Le Pen, it likes Emmanuel Macron and believe he has a chance of getting some pro-growth reforms in France," said Matthew Peterson, chief wealth strategist at brokerage LPL Financial. "We do not believe this is being fully priced into the market and could be a major tailwind if it looks like he can get these reforms through."

-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

May 08, 2017 16:27 ET (20:27 GMT)