Copper edged up on Monday, fueled by speculation that China, the world’s biggest consumer of the metal, will implement stimulus measures to shore up its flagging economy. LME copper for three-month delivery was up 0.8 percent to $7,679 per tonne.
As reported by Bloomberg:
China’s official Purchasing Managers Index released Sept. 1 slid to 49.2 in August, the first reading since November below the level of 50 that divides expansion and shrinkage.
“China remains very important for industrial metals,” Nic Brown, head of commodities research at Natixis SA in London, said today by e-mail. “Every indication of economic weakness opens up the prospect of further new stimulus measures.”