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China’s Manufacturing Index at 18-Month Record, Copper Rises

July 24, 2014 at 21:50 by Vladimir Vyun

Copper demonstrated the biggest jump in three weeks today with help of positive manufacturing data from China. The HSBC Flash China Manufacturing Purchasing Managers’ Index jumped from 50.7 in June to 52.0 in July, while analysts predicted an increase to just 51.2. The index now stands at the highest level in 18 months. The report said:

Economic activity continues to improve in July, suggesting that the cumulative impact of mini-stimulus measures introduced earlier is still filtering through. We expect policy makers to maintain their accommodative stance over the next few months to consolidate the recovery.

The news was very positive for copper. China is the biggest consumer of the metal, which is used in manufacturing and construction. Economic growth usually suggests increasing demand for industrial metals.

September futures for delivery of copper climbed as much as 1.73 percent to $3.2625 per pound as of 21:45 GMT on COMEX today.

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