Copper rises after report on China’s manufacturing
Copper prices are settling higher following news of increased manufacturing activity in China, the world’s second-largest economy.
A report out Monday from HSBC revealed activity in China’s manufacturing sector expanded this month. That’s the first time the measure has shown a rise in manufacturing this year, a possible sign that measures taken by Beijing to bolster growth are starting to work.
China is the world’s biggest buyer of the industrial metal, so an increase in manufacturing implies stronger demand for copper. Utah has one of the world’s largest producers in Kennecott Utah Copper’s Bingham Canyon mine, which is returning to production after a massive landslide in April of 2013 disrupted operations.
Copper for July rose 3 cents to settle at $3.15 on Monday.
Other metals were mixed. Gold for August rose $1.80 to $1,318.40 an ounce, and silver for July slipped 3 cents to $20.92 an ounce.
In other trading, wheat and corn fell, while soybeans rose. Crude oil slipped.