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Copper Gains a Second Day in Asia on China, U.S. Manufacturing

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LONDON, July 2&nbsp;-- Copper advanced for a second day in Asia after manufacturing data in China and the U.S., the world's two largest consumers of the metal used in construction and automobiles, added to signs demand may revive.
&nbsp;&nbsp;&nbsp; The Institute for Supply Management's factory index in the U.S. shrank in June at the slowest pace in 10 months, a sign the recession may be easing, a private report showed yesterday. China's Purchasing Managers' Index climbed to a seasonally adjusted 53.2 in June from 53.1 in May, the Federation of Logistics and Purchasing said yesterday. A reading above 50 indicates an expansion.
&nbsp;&nbsp;&nbsp; &quot;Base metals prices were higher, with markets taking heart from the Chinese PMI data and U.S. ISM data,&quot; David Moore, commodity strategist at Commonwealth Bank of Australia, said in an e-mail today.
&nbsp;&nbsp;&nbsp; Three-month delivery copper on the London Metal Exchange gained as much as 1.1 percent to $5,144 a metric ton at 10:46 a.m. Singapore time, extending yesterday's 2.4 percent advance. Copper for September delivery in New York climbed 0.2 percent to $2.336 a pound.
&nbsp;&nbsp;&nbsp; October-delivery copper on the Shanghai Futures Exchange climbed as much as 1.7 percent to 41,040 yuan ($6,007) a ton, before trading at 40,640 yuan.
&nbsp;&nbsp;&nbsp; &quot;The softer U.S. dollar also provided a fillip to base metals prices,&quot; said Moore.
&nbsp;&nbsp;&nbsp; The dollar traded close to a three-week low versus the euro before the European Central Bank meeting and the U.S. Labor Department payroll report today. Metals, denominated in U.S. dollars, tend to move inversely to the currency.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, zinc fell 0.6 percent to $1,585 a ton and nickel lost 1.4 percent to $16,260 a ton. Aluminum slipped 0.2 percent to $1,660 a ton, while tin gained 0.7 percent to $14,600 a ton. Lead hadn't traded as of 10:54 a.m. in Singapore.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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[Cu] Summary - 2009/7/2 Scrap Copper Market

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Copper Gains a Second Day in Asia on China, U.S. Manufacturing | SMM

Copper Gains a Second Day in Asia on China, U.S. Manufacturing

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