Copper Back Below 2.56 as China Manufacturing Slows

Copper headed for a sixth weekly loss after data showed manufacturing contracted in China, the world’s biggest consumer.

The metal in London fell as much as 0.8 percent. The preliminary Purchasing Managers’ Index (BCOM) from HSBC Holdings Plc and Markit Economics was at 49.8 in January compared with 49.6 last month. Numbers below 50 indicate contraction. A similar measure for the U.S. on Friday will signal further expansion, according to a survey of economists by Bloomberg News.

“The PMI was still low even if it was a little bit better than the previous month,” said Tetsu Emori, a senior fund manager at Astmax Asset Management Inc. “The Chinese market is still slowing.”

Bloomberg

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