Trading the Globe: China

China’s stock market closed at its highest levels in about a year on hopes that the downturn has ended.

Specifically, China's Shanghai Composite ended at 3008.15, its highest finish since June 2008.

The optimism stems from strong manufacturing data out of Beijing; the official purchasing managers' index (PMI) for June rose to 53.2 from 53.1 in May, consolidating for the fourth month in a row above the watershed mark of 50.

A reading over 50 indicates an expansion in manufacturing sector, while one below 50 suggests contraction.

The bullish data helped lift the price of metals as well as shares of natural resource companies like Freeport-McMoRan.

What’s the trade?

China’s coal imports are up 73% in the first half of the year, says Pete Najarian. I’d play that with Peabody which is headquartered here in the US.

I’d play it with the CurrencyShares Australian Dollar Trust , counsels Joe Terranova, because Australia exports a lot of the resources that China is using.

I look at China as a consumer play, says Tim Seymour. Yingli and Suntech Power are names I l like.

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Trader disclosure: On July 1st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AA), (AAPL), (BAC), (BX), (F), (NUE), (EEM); Seymour's Firm Owns (FCX), (YHOO); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU; Terranova Owns (XBI), (ABT), (MSFT), (UUP), (RIMM; Najarian Owns (F) Call Spread; Najarian Owns (GS) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (PALM) call Spread; Najarian Owns (YHOO) Call Spread; Najarian Owns (ELN) Calls