Copper futures in Shanghai accelerated close to eight-week high as tight supply drove prices higher in the world’s largest user of the metal.
The contract for July delivery on the Shanghai Futures Exchange climbed around 0.6% to 47,920 yuan ($7,665) per metric ton and settled at 47,750 yuan at 10:45 a.m. (local time). The metal hit 48,160 yuan on April 28, the highest for a most active contract since March 10. The London Metal Exchange is shut today for a holiday.
Users in China have been paying for the highest spot premium since 2011 to purchase the metal. Copper to be delivered in May is around 700 yuan higher than the metal to be delivered in June.
A purchasing managers’ index was at 48.1, HSBC Holdings Plc. and Markit Economics said in its statement, as compared to 48 last month and an initial reading of 48.3. Readings below 50 denote contraction.
Meanwhile, a Chinese services-industry index climbed in April.
The metal to be delivered in July was slightly changed at $3.0705 per pound on the Comex in New York.
The material has been provided by InstaForex Company – www.instaforex.com
Copper futures in Shanghai accelerated close to eight-week high as tight supply drove prices higher in the world’s largest user of the metal.
The contract for July delivery on the Shanghai Futures Exchange climbed around 0.6% to 47,920 yuan ($7,665) per metric ton and settled at 47,750 yuan at 10:45 a.m. (local time). The metal hit 48,160 yuan on April 28, the highest for a most active contract since March 10. The London Metal Exchange is shut today for a holiday.
Users in China have been paying for the highest spot premium since 2011 to purchase the metal. Copper to be delivered in May is around 700 yuan higher than the metal to be delivered in June.
A purchasing managers’ index was at 48.1, HSBC Holdings Plc. and Markit Economics said in its statement, as compared to 48 last month and an initial reading of 48.3. Readings below 50 denote contraction.
Meanwhile, a Chinese services-industry index climbed in April.
The metal to be delivered in July was slightly changed at $3.0705 per pound on the Comex in New York.
The material has been provided by InstaForex Company – www.instaforex.com
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