The increased pace of manufacturing last month in the nation hosting the globe's most rapidly developing economic system pulled down copper futures, according to Bloomberg.
The reddish metal endured a second consecutive day of losses after the Purchasing Managers' Index in China gained to 53.3 in April after registering at 53.1 during the month prior. The likelihood of the Asian nation intervening with monetary stimulus to prompt growth in what also is the second-largest global economy slimmed.
"Improvement in China's manufacturing may give an excuse for the nation not to issue additional stimulus immediately, as the Chinese government is still struggling with inflationary pressure," analyst Ken Kajisa with broker ACE Koeki in Tokyo told the news source.
At 1:05 p.m. on Tuesday, copper futures were up 0.33 percent, a 1.25 cent lift to $3.842 per pound.
Reuters reports China's PMI of 53.3 for last month marks the top level of the metric for the Asian nation in 13 months. That high indicates China might be bouncing back from economic slumps registered during the first quarter of the year.
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