THE price of copper on the London Metal Exchange (LME) yesterday marginally appreciated from two-month lows after China’s manufacturing activities increased.
The commodity, which is Zambia’s major foreign exchanger earner, traded at US$4,632 per tonne yesterday from US$4,625.50 on Wednesday.
Reuters reports that activity in China’s manufacturing sector picked up last month, although gains were modest, an official survey showed yesterday.
“London copper shifted away from two-month lows and zinc neared 15-month highs on Thursday after China’s manufacturing activity unexpectedly expanded in August, typically a quiet month for metals demand,” Reuters says.
Three-month copper on the LME had edged up 0.4 percentage point to US$4,632 a tonne by 01:30 GMT, after ending little changed in the previous session.
On Tuesday, the copper price fell to its weakest since June 24, at US$4,600 a tonne amid mounting supply. LME exchange stocks have jumped by 40 percent in the past fortnight.
On oil, the price rose in Asian trade on Thursday as the United States (US) dollar weakened, rebounding from a more than three percent drop in the previous session following surprisingly large builds in US crude and distillate stockpiles last week.
Brent crude climbed 18 cents to US$47.07 a barrel, while US crude oil rose 24 cents to US$44.94 a barrel, after falling US$1.65 in the previous session.
Source: Daily Mail