Copper prices rose by Chinese manufacturing data to better support
【Chinatungsten Online News Net- Tungsten News】
Copper prices rose on Monday, as the largest consumer of the better Chinese manufacturing data boosted market optimism about the outlook for metals demand. China August official manufacturing purchasing managers index (PMI) data showed factory activity growth record over the months, the fastest, due to weak domestic demand offset the impact of exports.
London Metal Exchange (LME) three-month copper closed at U.S. $ 7,240 per tonne, higher than Friday's closing price of $ 7,095. Earlier, copper prices rose more than 2 percent to an intraday high of $ 7,276.50 per tonne.
"China PMI better than expected expansion of the area is still in show this morning certainly supported base metals," Commerzbank analyst Daniel Briesemann said.
"Data show that China's economy is expected to regain momentum, which will be reflected in the growth in demand for metals."
The world's largest copper producer Codelco said on Friday, in the first half copper production fell about 1 percent to 758,000 tons, because of its lower grade copper ore deposits and mineral hardness increases.
Three-month lead closed at $ 2,175 on Friday to close at 2,151.50 dollars. Aluminum closed when no transaction, bid at $ 1,829 on Friday last bid at $ 1,813. Three-month tin closed at $ 21,225, unchanged from the previous. Zinc rose to 1,907 from the previous 1,905 dollars. Three-month nickel fell to $ 13,750 from U.S. $ 13,800.
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