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Copper rallied back above $9,000 a ton as investors weighed upbeat factory data from top consumer China and the potential for output cuts by the country’s leading smelters.
Investors are becoming more optimistic about the world’s second-largest economy after the official manufacturing purchasing managers index in March registered the highest reading in a year, the latest green shoot alongside strong exports and rising consumer prices. A factory gauge in the US also unexpectedly halted 16 straight months of decline.
“The economic data is aiding market sentiment, signaling a recovery in manufacturing industry,” analysts at Galaxy Futures wrote in a note, adding the trend supports consumption of raw materials like copper which is facing potential supply-side constraints.Still, the solid US factory data reinforced speculation that the Federal Reserve will be slow to cut interest rates, which could weigh on the outlook for commodities.
Copper climbed 1.6% to $9,011 a ton on the London Metal Exchange by 11:37 a.m. local time. Aluminum jumped as much as 2% to $2,383, its highest level since January. Zinc rallied 2.6%, as all metals except lead rose.Shanghai exchange to work on nickel futures internationalization The Shanghai exchange will look to take advantage of restructuring in the global nickel pricing system, its deputy general manager said.The firm’s primary listing could come into focus due to a lack of shareholder support for a plan to split off its coal business and list it separately in New York.Demand is being driven by strong central bank buying, with developing nations in particular stocking up on bullion as insurance.
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