LME Copper rises on China's positive PMI data
Metal Recycling News | 2012-11-01 02:27:10
LME copper prices edged up in muted trading in early Asian hours after China's manufacturing activity rebounded into expansion.
By Paul Ploumis
LONDON (Scrap Monster): LME copper prices edged up in muted trading in early Asian hours after China’s manufacturing activity rebounded into expansion.
At 03:01 London time, three-month copper was at $7,790 per tonne on London Metal Exchange, up $22.75 per tonne from its opening price. The contract moved in a tight range of $7,758.25-$7,790 per tonne, with only 951 lots having been traded since the morning.
China’s official purchasing managers’ index (PMI) rose to 50.2 in October from 49.8 in September, according to the latest figures from the National Bureau of Statistics.
A figure below 50 denotes contraction. The new orders and export orders index in China rose by 0.6 points and 0.5 points respectively to 50.4 and 49.3.
