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Copper hits three month high as China manufacturing activity up-18th China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
11/4/2016 Copper exhibition -non-ferrous metals expo |
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Dow Jones Business News reported that copper prices rose to a three-month high on Tuesday after a gauge of Chinese manufacturing activity reached its highest level in two years, sending a positive signal about demand from the world''s key consumer of industrial metals.
Copper for December delivery settled up 1.1% at USD 2.2290 a pound on the Comex division of the New York Mercantile Exchange, closing at the highest level since July 26. Tuesday marked the industrial metal''s seventh straight day of gains, the longest winning streak since March.
Analysts at Marex Spectron said that "Strong Chinese data maintains a strong bid under the base metals complex.¡±
China is the world''s largest copper consumer, and the metal has benefited from improved expectations on the health of China''s economy and copper demand this year.
A weaker US dollar also helped to boost copper prices on Tuesday. The WSJ Dollar Index was recently down 0.4% at 88.16, making dollar-denominated commodities like copper cheaper for investors using foreign currencies.
-18th China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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