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Copper Rebounds on Demand Optimism as China Manufacturing Grows

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LONDON, July 1&nbsp; -- Copper rebounded on optimism demand may be recovering as manufacturing in China, the world's largest consumer, expanded for a fourth month and on speculation the country's bank lending climbed to a record in June.
&nbsp;&nbsp;&nbsp; China's Purchasing Managers' Index rose to a seasonally adjusted 53.2 in June from 53.1 in May, the Federation of Logistics and Purchasing said today. A reading above 50 indicates an expansion. Copper has surged 64 percent on the London Metal Exchange this year on speculation Chinese demand will offset falling consumption in the rest of the world.
&nbsp;&nbsp;&nbsp; &quot;Sentiment is quite positive among investors at the moment,&quot; said Lin Yougu, research manager at Shanghai Jiuheng Futures Brokerage Co. &quot;There is speculation that China's bank lending rose to a record in June, which is making investors more optimistic about economic recovery and growth.&quot;
&nbsp;&nbsp;&nbsp; Three-month delivery copper on the London Metal Exchange gained as much as 1.5 percent to $5,040 a metric ton and traded at $5,030 at 10:41 a.m. Singapore time. Copper for September delivery in New York climbed 1 percent to $2.2950 a pound.
&nbsp;&nbsp;&nbsp; October-delivery copper on the Shanghai Futures Exchange fell as much as 2.7 percent to 39,800 yuan ($5,825) a ton, tracking overnight declines in London and New York, before trading at 39.960 yuan.
&nbsp;&nbsp;&nbsp; China's 4 trillion yuan ($585 billion) stimulus plan and bank lending of 5.84 trillion yuan in the first five months, almost triple the amount in the same period last year, are driving growth in the world's third-biggest economy, resulting in record copper imports.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, zinc gained 0.7 percent to $1,560 a ton, lead climbed 0.6 percent to $1,699.50 a ton and nickel added 0.5 percent to $15,450 a ton. Aluminum was little changed at $1,628 a ton, while tin advanced 1.1 percent to $14,300 a ton as of 10:50 a.m. in Singapore.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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[Minor metal] Refined Manganese Prices Continue to Rise Slightly

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Copper Rebounds on Demand Optimism as China Manufacturing Grows | SMM

Copper Rebounds on Demand Optimism as China Manufacturing Grows

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