Copper Rises on China Manufacturing Data

Bloomberg reported that copper prices rose on Thursday following the release of better than expected manufacturing data from China. Copper futures for December delivery rose 0.7 percent to trade at $3.04 a pound by 1:14 PM on New York’s Comex.

As quoted in the publication:

A factory index for October rose in October to 50.4, exceeding the median estimate of 50.2 in a Bloomberg survey, figures from HSBC Holdings Plc and Markit Economics showed today. The nation accounts for about 45 percent of copper demand, according to Standard Chartered Plc. The metal also climbed after a similar euro-area gauge unexpectedly increased, fueled by a rebound in Germany, the third-biggest consumer.

David Meger, director of metals trading at Vision Financial Markets in Chicago, told Bloomberg:

Concerns have been about the faltering economy in both Europe and China, so when we get good PMI data from both overnight, you expect the metals to be firmer and copper prices to be higher.

Click here to read the full article.