Copper futures rise on stabilizing Chinese manufacturing data
Source: www.chinamining.org Citation: Reuters Date: June 29, 2015
Shanghai copper futures inched up Friday as China`s factory activity showed signs of stabilizing in June, helping to boost investor confidence.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE), for August delivery, closed at 42,300 yuan ($6,815) per ton Friday, up 330 yuan from Thursday. A total of 259,030 lots changed hands Friday, 53,460 fewer than on the previous trading day. The August contract rose 0.95 percent for the week.
The benchmark three-month copper contract on the London Metal Exchange closed at $5,762 a ton Friday, compared with $5,761.50 a ton Thursday.
"Metals were largely down. The removal of a cap on lending by commercial banks in China saw metals such as copper supported in Asian trade. However risk aversion in European hours saw copper give up all those gains, and more," according to a note sent to the Global Times Friday by ANZ Banking Group.
China`s manufacturing sector showed signs of stabilizing as the latest HSBC survey of manufacturers issued Tuesday gave a preliminary reading for June of 49.6, it highest in three months.
London copper was on track for its first weekly gain since mid-May Friday, which was mainly supported by early signs that Chinese stimulus measures may support the market and offset the impact of a seasonal slowdown in demand, Reuters reported Friday.
"Although the dollar has been strong, copper prices have been relatively stable. That suggests that people are becoming more optimistic," Jonathan Barratt, chief investment officer at Sydney`s Ayers Alliance, told Reuters.
Traders said buyers in China domestic market have paid the highest premiums last week for spot refined copper since January as supplies fell this month and demand rose from makers of copper rods, tubes and cable, Reuters reported Friday.
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