MOSCOW, 3 Nov. Copper prices on Tuesday are showing a positive trend, as investors have found in the weak statistics on industrial production in China, the world’s largest metal consumer, after data showed its first since June of this year, export growth of the country, according to AFP.
As at 07.27 GMT December futures for copper on the Comex rose in price by 0.15 per cent to 2.32 per pound (about 0.45 kilograms). At the end of trading Monday the price of a ton of copper on the London metal exchange (LME) for delivery in three months rose by 0.25% to 5125 dollars per ton. The price of a ton of aluminium has grown on 0,98%, to 1,493 dollars, zinc — fell by 1.52%, to reach $ 1684.
According to an independent survey Caixin and Markit Economics, the index of business activity (PMI) in the industrial sector of China in October amounted to 48.3 points versus 47.2 points in September. Thus, according to the State statistical Bureau of China, the PMI in manufacturing sector of China in October amounted to 49.8 points. A value above 50 indicates growth in activity, lower — its decline.
Statistics data on Monday led to lower Asian and European stocks. Later, however, investors could see in the weak statistics positive news, for example, the first from June this year, the growth of exports to the level of 50.7 points. “It was a positive message for the copper market”, — quotes Reuters an unnamed trader from Sydney.