Copper surges 1.7% on China data


Copper, the flagship of the London Metal Exchange (LME) complex, has settled at a 10-day high on the back of upbeat manufacturing data out of China and Europe that fuelled hopes for improving global demand for the red metal. "The base metals have rallied strongly into Thursday afternoon, with a better-than-expected Chinese PMI and strong European data helping give the complex a boost heading into the afternoon," Standard Bank analyst Leon Westgate said.

At the close of open-outcry trading in the London ring on Thursday, LME 3-month copper was up 1. 7 per cent from the previous session's settlement price at $US7,169. 50 per metric tonne. Aluminium closed 0. 4 per cent higher at $US2,026 per tonne, while zinc rose 1. 1 per cent to $US2,387. 50 per tonne. Lead prices closed 1. 4 per cent higher on the day at $US2,236 per tonne.

Read more here: Business Spectator


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