1 Dec 2015
Copper gains 1% on China stimulus hopes
FXStreet (Mumbai) - Copper prices on the Comex advanced more than 1% after a batch of disappointing manufacturing reports in China triggered speculation of more PBOC easing.
As of writing, Comex Copper was up 1.13% at USD 2.072/pound. LME three-month copper inched up 0.10% to USD 4578.50 /metric ton.
The Caixin manufacturing purchasing managers’ index for November contracted for the ninth straight month. Meanwhile, Meanwhile, the official manufacturing purchasing managers' index declined to a three-year low of 49.6 in November.
The weak data triggered expectations of fresh PBOC easing measures, which helped the oversold copper gain ground. Copper fell more than 10% in November on and slower global economic growth – China and expectations of higher interest rates in the US.
As of writing, Comex Copper was up 1.13% at USD 2.072/pound. LME three-month copper inched up 0.10% to USD 4578.50 /metric ton.
The Caixin manufacturing purchasing managers’ index for November contracted for the ninth straight month. Meanwhile, Meanwhile, the official manufacturing purchasing managers' index declined to a three-year low of 49.6 in November.
The weak data triggered expectations of fresh PBOC easing measures, which helped the oversold copper gain ground. Copper fell more than 10% in November on and slower global economic growth – China and expectations of higher interest rates in the US.