Base Metals Rise On Upbeat PMI Data, Copper +1.8%

Base Metals Rise On Upbeat PMI Data, Copper +1.8%

LME metals rise after Purchasing Managers’ Index data soothes concerns about slowing demand. The final reading of the HSBC China manufacturing purchasing managers’ index came in at 50.1 for August, back in expansionary territory, while the official Chinese PMI released Sunday rose to 51.0 in August, compared with 50.3 in July. Euro-zone data showed factory activity picked up in countries such as Spain and Italy. Euro-zone manufacturers overall grew at the fastest rate in over two years, says data provider Markit Monday. Copper leads gains, reflecting both a partial reversal of its marginally short positioning and its use as a global growth proxy, says Marex Spectron. LME 3-month copper +1.8% at $7,228.25/ton.

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