Copper Boosted By Rising Demand, Posing Biggest One-Month Rise
Copper rose to the highest since August 02, heading for the biggest monthly gains in 18 months as skepticism about an oversupply market has abated on rising demand for the red commodity.
Copper pared early losses to climb to as high as $2.2180/lb after research firm IHS Markit Ltd. said Friday that China’s Caixin manufacturing PMI surged to 50.1 in September from 50.0 in the prior month. The gauge of Chinese factory activity has remained above 50 for the third straight month, indicating that manufacturing sector continued to improve.
On the Shanghai Futures Exchange, total positions, mostly closed by shorts, reduced 13,198 to 125,000 ahead of China’s National Day Holiday which is also called “Golden Week” next week.
Copper inventories tracked by the London Metal Exchange dropped by 6,950 tons on Thursday, the biggest daily drop since late July.
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