Copper Steadies on Rising China Manufacturing Index

Base Metals Investing

Benchmark copper on the London Metal Exchange stayed flat, losing 0.08 percent to finish at $6,715 a tonne on Tuesday, according to Reuters.

Benchmark copper on the London Metal Exchange stayed flat, losing 0.08 percent to finish at $6,715 a tonne on Tuesday, according to Reuters. Manufacturing data from top consumer China helped reduce some fears regarding demand outlook for the red metal. However, it was also noted that weaker data could have signaled further stimulus, which also would have helped copper prices.

“It is good that the Chinese economy isn’t collapsing, but a weaker PMI (purchasing managers index) number would have raised the likelihood of further stimulus from China, which would have given a boost to copper,” Capital Economics senior commodities analyst Caroline Bain told Reuters.

Futures for copper delivery in December also stayed mostly flat, dropping 0.1 percent to $3.035 a pound on the Comex in New York. Three-month LME copper slid less than 0.1 percent to $6,720 per tonne, according to Bloomberg.

The Conversation (0)
×