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Friday, November 2, 2012

Copper Climbed for a Third Day as China’s Manufacturing Expanded


Copper climbed for a third day as China’s manufacturing expanded for the first time in three months in October boosting demand in the world’s top consumer.

Metal for delivery in three months gained as much as 0.8% to USD 7,824 per tonne on the London Metal Exchange and was at USD 7,805.50 in Tokyo. The contract fell 5.4% last month the most since May.

The National Bureau of Statistics and China Federation of Logistics and Purchasing said that the Purchasing Managers’ Index rose to 50.2 in October from 49.8 in September adding to signs growth in the world’s second biggest economy is rebounding after Q7 slowdown.

Mr Chae Un Soo metals trader at Korea Exchange Bank Futures Company said that “Market sentiment was boosted by China’s PMI data which signaled that demand remains steady.”

The report bolsters hopes for a pickup in expansion this quarter after industrial production, exports and retail sales accelerated in September. The data may also reduce pressure on outgoing Premier Mr Wen Jiabao to roll out more stimulus measures during a once-a-decade power handover that begins with a Communist Party congress next week.

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