Copper futures rose to the highest in a week after manufacturing expanded at a faster-than-projected rate in China, the world’s biggest industrial-metals user.
A factory index for October rose in October to 50.4, exceeding the median estimate of 50.2 in a Bloomberg survey, figures from HSBC Holdings Plc and Markit Economics showed today. The nation accounts for about 45 percent of copper demand, according to Standard Chartered Plc. The metal also climbed after a similar euro-area gauge unexpectedly increased, fueled by a rebound in Germany, the third-biggest consumer.
“Concerns have been about the faltering economy in both Europe and China, so when we get good PMI data from both overnight, you expect the metals to be firmer and copper prices to be higher,” David Meger, the director of metals trading at Vision Financial Markets in Chicago, said in a telephone interview.
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