(02/04) Copper gains on Chinese manufacturing data

April 02, 2011


With manufacturing in China picking up pace for the first time in four months, copper rose on the LME paring a first-quarter price decline. The metal had lost 1.8% in the January-to-March period.

LME three month copper climbed as much as 0.6% to touch $9,480 per metric ton, and was seen trading at $9,474 at 10:24 a.m. in Singapore.

Comex copper in New York maintained $4.3075 a pound, even as June contract on the Shanghai Futures Exchange climbed 0.4 % to 70,970 yuan ($10,840) a ton.

Global copper market may experience a deficit of 435,000-tons, according to International Copper Study Group.