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Positive Data from USA & China Leads to Gains of Copper

November 1, 2012 at 22:51 by Vladimir Vyun

Copper rose today as fundamental data from the United States of America suggested that the economy continues to grow. US employers added 158,000 jobs in October, beating analysts’ forecasts. Jobless claims were unexpectedly down from 372,000 to 363,000 last week. The manufacturing Purchasing Managers’ Index rose a little from 51.5 in September to 51.7 in October. The USA is the second biggest consumer of the industrial metal.

The major demand comes from China and the Asian nation also provided some good data. While the government and non-official data showed some differences, both agreed that China’s manufacturing was improving. That bodes well for the attractiveness of copper.

Copper prices went up from $3.5238 to $3.5353 per pound as of 22:44 GMT on COMEX today. The metal was falling since the middle of September and has lost 6.4 percent, demonstrating the biggest drop since May.

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