According to the Chinese governments official report on Saturday, the countrys manufacturing Purchasing Managers Index rose to 50.8, which exceeded the 50,6 forecast. This brought signs of stabilizing growth in China after last week The IMF cut its economy growth forecast for China to 7.75%, down from 8%. The Organisation for Economic Co-operation and Development also trimmed its expectations to 7,8% from 8%. Also, Chinese leaders made statements last week they will tolerate a slower, but more ecological friendly expansion, boosting concerns for commodities demand.
Copper for July delivery traded at $3.341 a pound, up 1.47% on the day. Prices advanced in May by 3.6%, the first monthly rise for the last four months. Also, copper stockpiles monitored by the London Mercantile Exchange dropped on May 31 reached 608 350 tons, marking the first monthly decline since September.
Hwang Il Doo, a senior metals trader at Seoul-based Korea Exchange Bank Futures Co, commented: “We had a good official manufacturing number and the FT report is also helping. China’s demand for metals will continue.”
Elsewhere on the market, gold for July delivery traded at $1 398,05 at 8:55 GMT, up 0.36% on the day. Palladium lost 0,35% and stood at $751 a troy ounce. Platinum gained 0,37% and reached $1 467,20 per troy ounce. Silver traded at $22,423, surging 0,81%.
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