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Copper & Rubber Profit from China’s Growth

October 28, 2013 at 10:22 by Vladimir Vyun

Copper and rubber advanced today on forecasts of sustainable economic growth in China. Analysts estimated that the nation’s manufacturing Purchasing Managers’ Index rose a little from 51.1 in September to 51.2 in October. Official data will be released on November 1. Such outlook promises increasing demand for industrial materials.

The commodities also rallied on speculations that central banks, including the Federal Reserve and the Bank of Japan, will maintain extremely accommodative policies this week. Previously, most traders were expecting that the Fed will reduce its monetary stimulus and such expectations were hurting raw material prices. Yet the recent government shutdown made reduction of quantitative easing highly unlikely and this supports commodities.

December futures for delivery of copper advanced $0.0145 (0.44 percent) to $3.2835 per pound as of 10:19 GMT on COMEX today. March rubber rallied ¥1.4 (0.54 percent) to ¥258.9 per kilogram on TOCOM.

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