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Copper Supported by Manufacturing Data from China & Europe

June 23, 2015 at 11:27 by Vladimir Vyun

Copper rallied today after positive manufacturing data was released from China and Europe. Copper is used in industry, meaning that expanding manufacturing gives hope for growing demand for the metal.

The HSBC Flash China Manufacturing Purchasing Managers’ Index was at 49.6 in June. While the reading below 50.0 indicates contraction of the sector, it was at least higher than the previous month’s figure of 49.2 and the analysts’ estimate of 49.4.

Markit’s flash Eurozone PMI rose to 52.5 in June, reaching the highest level in 14 month. Reports from Germany and France were positive too.

As a result of the positive data, contract for delivery of copper in September climbed 1.13 percent to $2.6 per pound as of 11:25 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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