Loading ...Copper price boost after China manufacturing jumps to 27-month high
In pre-open New York trade on Friday September copper jumped to a high of $3.2555 a pound after data out of China showed manufacturing activity at a 27-month high.
The latest jump came after the Chinese manufacturing purchasing managers’ index (PMI) indicated that the world’s second largest economy accelerated into the third quarter.
The official manufacturing PMI for July came in at 51.7, up from 51.0 in June, the highest since May 2012. A reading above 50 indicates expansionary conditions for industry.
The output and new orders components picked up showing strong domestic demand, while export orders, which had been lagging also improved.
Copper price boost after China manufacturing jumps to 27-month high