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2010-09-07 15:20
Dec
3
Copper May Rise on Stronger Manufacturing, According to Survey
December 3, 2009 | Leave a Comment
Copper may rise in London after stronger Chinese, U.S. and European manufacturing figures indicated recovering demand for industrial metals, according to a survey.
Eleven of 19 analysts, investors and traders surveyed by Bloomberg, or 58 percent, said copper would gain next week. Eight predicted lower prices. The metal for three-month delivery was 3.4 percent higher this week at $7,087 a metric ton at 5 p.m. yesterday on the London Metal Exchange.
Copper, used in electrical gear and construction, rose to a 14-month high of $7,170 a ton on Dec. 2 after reports showed manufacturing increased at the swiftest pace in five years in November in China and rose for a fourth month in the U.S. European service and manufacturing industries expanded at the fastest rate in two years in November, figures showed yesterday.
A purchasing managers’ index released on Dec. 1 by HSBC Holdings Plc for manufacturing in China gained to a seasonally adjusted 55.7 last month from 55.4 in October. In the U.S., the Institute for Supply Management’s manufacturing index came in at 53.6, above the level of 50 that signals an expansion. The countries are the world’s two biggest copper users.
A composite index for European service and manufacturing industries increased to 53.7 from 53 in October, Markit Economics said yesterday.
The weekly copper survey has forecast prices accurately in 32 of the past 66 weeks, or 48 percent of the time.
