{"id":62396,"date":"2014-10-23T08:28:21","date_gmt":"2014-10-23T12:28:21","guid":{"rendered":"http:\/\/countingpips.com\/?p=62396"},"modified":"2014-10-23T10:13:38","modified_gmt":"2014-10-23T14:13:38","slug":"copper-climbs-on-chinese-pmi-growth","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/copper-climbs-on-chinese-pmi-growth\/","title":{"rendered":"Copper Climbs on Chinese PMI Growth"},"content":{"rendered":"
October 23, 2014<\/div>
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By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

Copper prices were seen climbing on Thursday after a report from HSBC showed that China\u2019s manufacturing activity expanded.<\/p>\n

Copper for delivery in three months rose 0.8% to $6,686 a metric ton on the London Metal Exchange at the time of writing. Copper futures for December delivery added 0.6% to $3.0355 a pound on the Comex in New York.\u00a0<\/span><\/p>\n

China PMI<\/span><\/h2>\n

The Chinese preliminary Purchasing Managers Index (PMI) from HSBC Holdings Plc and Markit Economics came in at 50.4 in October, surpassing analysts\u2019 forecast of 50.2, which indicates expansion. A reading below 50 signifies contraction. China accounts for approximately 45% of copper demand, according to Standard Chartered Plc.<\/p>\n

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\u201cWhile the manufacturing sector likely stabilized in October, the economy continues to show signs of insufficient effective demand,\u201d Qu Hongbin\u00a0and Julia Wang, economists at HSBC Plc, wrote in a note. \u201cThis warrants further policy easing, and we expect more easing measures on both the monetary as well as fiscal fronts in the months ahead.\u201d<\/p>\n

Copper prices are expected to remain higher in the near mid-term on Chinese demand, however the falling copper prices, which have declined near 10% this year, has raised concerned amongst the high-cost producers.<\/p>

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Eurozone PMI<\/span><\/h2>\n

The activity in the manufacturing and services sectors for the eurozone as a whole unexpectedly improved in October.<\/p>\n

The Eurozone\u2019s manufacturing rose to a preliminary 50.7 in October, a report from Markit Economic showed, compared to analysts forecast of 49.9.<\/p>\n

In Germany, the manufacturing sector expanded in October to 51.8 points, while the country\u2019s services sector dropped to 54.8 points. In France, the manufacturing PMI dropped to 47.3 points in October from September\u2019s 48.8, while the services sector weakened to 48.1 points, a report from Markit Economic showed.<\/p>\n

“People are more concerned about a slowdown in Europe, outweighing today\u2019s better-than-expected Chinese data,” said\u00a0Kazuhiko Saito, an analyst at Fujitomi.<\/span><\/p>\n

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The post Copper Climbs on Chinese PMI Growth<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog Copper prices were seen climbing on Thursday after a report from HSBC showed that China\u2019s manufacturing activity expanded. Copper for delivery in three months rose 0.8% to $6,686 a metric ton on the London Metal Exchange at the time of writing. Copper futures for December delivery added 0.6% to $3.0355 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-62396","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=62396"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62396\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=62396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=62396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=62396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}