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Copper Hurt by Data from China, Supported by US Housing

August 22, 2014 at 1:56 by Vladimir Vyun

Futures for copper declined in New York today (though erased losses by now) as manufacturing expansion in China missed expectations. The HSBC Flash China Manufacturing Purchasing Managers’ Index fell from 51.7 in July to 50.3 in August, touching the lowest level in three months, while analysts predicted it to stay little changed. China is the biggest consumer of the industrial metal, meaning that bad news from the Asian country usually hurts copper performance strongly.

Not all news was bad for the metal though. Data from the United States, particularly the housing report and the Philadelphia Fed business activity index, was very positive, suggesting the demand for the industrial metal from the USA may increase. This may explain why copper futures closed higher in London.

December futures for delivery of copper rose 0.02 percent to $3.1955 per pound as of 1:50 GMT on COMEX today after falling by the same rate earlier. Contract for delivery in three months advanced 0.07 percent to settle at 7,015 per metric ton on LME.

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