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| Commodity News |
| HeadLine : |
Copper rises in step with stronger equities, oil |
| Date : |
Apr 24 2015 |
- Copper futures edged up on Friday after dropping overnight on weak Chinese industrial data, buoyed by robust share markets in Asia.
- Copper up as Asian equities, oil firmer, helps offset weak Chinese factory data.
- Copper has been consolidating since hitting near six-year lows in January, as unexpected supply disruptions spurred analysts to cut their 2015 surplus forecasts.
- Three-month London Metal Exchange copper stood 0.5 percent higher at $5,967.50 a tonne, up from Thursday's close of $5,940. In intraday trading on Thursday.
- Weighing on copper's rebound was data showing China's factory activity contracted at its fastest pace in a year in April, suggesting that economic conditions are still deteriorating despite increasingly aggressive policy easing by the central bank.
- Also, orders from copper fabricators in China have slowed as a building boom ebbs and some annual buyers seek to delay deliveries. Data this week also showed the world's biggest user buying record volumes of intermediate copper concentrates, not the finished material that has long been the mainstay of global trade.
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