Commodity Blog

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Copper Gains on China’s Manufacturing

December 14, 2012 at 22:12 by Vladimir Vyun

Copper rallied in London today after the data showed that China’s manufacturing expanded with faster pace this month. The manufacturing Purchasing Managers’ Index rose from 50.5 in November to 50.9 in December, according to the preliminary reading. Markets have expected the increase to be a little smaller. China is the biggest buyer of copper in the world, making its economic performance very important for the metal.

Copper, as well as other metals, remains under pressure from fears of the fiscal cliff in the United States. Talks about the crisis are muted now, after Greece has received another round of financial aid, but may resurface later. For now though, the market sentiment is mildly positive, giving support for raw materials.

Copper futures for delivery in March advanced $0.0155 (0.42 percent) to $3.6755 per pound as of 22:07 GMT on COMEX today. Contract for delivery of the metal in three months slipped $56 (0.69 percent) to close $8,074 per metric ton on LME.

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