Copper gains 1% on China stimulus hopes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Copper prices on the Comex advanced more than 1% after a batch of disappointing manufacturing reports in China triggered speculation of more PBOC easing.

    As of writing, Comex Copper was up 1.13% at USD 2.072/pound. LME three-month copper inched up 0.10% to USD 4578.50 /metric ton.

    The Caixin manufacturing purchasing managers’ index for November contracted for the ninth straight month. Meanwhile, Meanwhile, the official manufacturing purchasing managers' index declined to a three-year low of 49.6 in November.

    The weak data triggered expectations of fresh PBOC easing measures, which helped the oversold copper gain ground. Copper fell more than 10% in November on and slower global economic growth – China and expectations of higher interest rates in the US.
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