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Metals on the Rise as China Supports

November 4, 2015 at 5:10 by Vladimir Vyun

Metal rallied today due to positive economic data from China. The Caixin China General Services PMI was at 52.0 in October, up from September’s 14-month low of 50.5. The actual reading exceeded market expectations. Released on Monday, the Caixin China General Manufacturing PMI advanced to 48.3 in October up from 47.2 in September. December contract for delivery of gold rallied 0.62 percent to $1,121 per troy ounce as of 5:06 GMT on COMEX today. Silver was up 0.3 percent to $15.29 per ounce. Copper advanced 0.19 percent to $2.335 per pound.

Zinc gained yesterday even though the positive impact of output reduction from Glencore has waned. The smaller output did not create supply gap that had been expected by specialists as other producers stepped in, grabbing the opportunity to seize their share of the market. Futures for delivery of zinc in three months gained 0.59 percent to $1,694 per metric ton yesterday on LME.

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

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