China's industrial materials production surges

China reported significant increases in output of industrial materials such as copper and oil in November, a sign that smelters and refiners are increasingly confident that the nation’s economy is on the road to recovery, The Wall Street Journal reported. Copper output increased to a record level of 531,000 metric tons in November, a rise of 2.1% from the month earlier and a year-on-year rise of 11.6%, according to data released by the National Bureau of Statistics on Tuesday. Crude oil production hit 10.17 million barrels a day in November, a rise of 4.2% from October and a year-on-year increase of 9.1%. Last month, crude-steel production increased 0.5% from October, on a daily average basis. The positive data comes after Beijing revealed a US$160 billion stimulus package on infrastructure in September, giving confidence to industrial resource players, according to analysts.