03 NOVEMBER 2013Bloomberg Businessweek
Aluminum climbs as China Manufacturing expands in recovery boost
Edited by : AL CIRCLE
2 min read
Aluminum advanced, trimming a weekly loss, as China’s manufacturing expanded more than estimated in October, boosting the demand outlook for the industrial metal in the world’s biggest user.
The contract for delivery in three months on the London Metal Exchange rose 0.5 percent to $1,869 a metric ton by 11:02 a.m. in Tokyo. The metal fell 0.7 percent this week, after gaining for a fourth straight month in October. Copper in London rose 0.3 percent to $7,267.25 a ton.
The Purchasing Managers’ Index was 51.4, the highest in 18 months, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today. The reading compares with the 51.2 median estimate in a Bloomberg News survey and 51.1 in September. A number above 50 indicates expansion.
“Today’s manufacturing data boosted sentiment in the metals market,” said Hwang Il Doo, a senior trader at Korea Exchange Bank Futures Co. in Seoul.
Central Chile was struck by a 6.6-magnitude earthquake earlier that caused buildings to shake in the capital of Santiago. The government received no reports of injuries or damage, according to the official emergency service known as Onemi. The nation is the world’s biggest copper producer. The earthquake had little impact on copper so far, Hwang said.
Copper for delivery in January on the Shanghai Futures Exchange was little changed at 51,870 yuan ($8,512) a ton. Futures for delivery in December were almost unchanged at $3.3045 a pound on the Comex in New York.
The contract for delivery in three months on the London Metal Exchange rose 0.5 percent to $1,869 a metric ton by 11:02 a.m. in Tokyo. The metal fell 0.7 percent this week, after gaining for a fourth straight month in October. Copper in London rose 0.3 percent to $7,267.25 a ton.
The Purchasing Managers’ Index was 51.4, the highest in 18 months, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today. The reading compares with the 51.2 median estimate in a Bloomberg News survey and 51.1 in September. A number above 50 indicates expansion.
“Today’s manufacturing data boosted sentiment in the metals market,” said Hwang Il Doo, a senior trader at Korea Exchange Bank Futures Co. in Seoul.
Central Chile was struck by a 6.6-magnitude earthquake earlier that caused buildings to shake in the capital of Santiago. The government received no reports of injuries or damage, according to the official emergency service known as Onemi. The nation is the world’s biggest copper producer. The earthquake had little impact on copper so far, Hwang said.
Copper for delivery in January on the Shanghai Futures Exchange was little changed at 51,870 yuan ($8,512) a ton. Futures for delivery in December were almost unchanged at $3.3045 a pound on the Comex in New York.
Previous article
Aluminium down 0.1% on weak global cues
Next articleCoal shortage to hit Hindalco hard
Grow with
AL Circle
