Conjecture about China implementing additional stimulus measures to counter reduced profits for industrial firms helped drive up copper futures on Thursday, Bloomberg reports.
The Asian nation, also the globe's top consumer of the industrial metal and host of the second-largest economic system, saw profits fall more than 6 percent in August as compared to one year prior, the nation's statistics bureau said on Thursday. The U.S. labor market is forecast to be on the rise after a smaller number of first-time applicants last week filed claims for jobless benefits.
"The metals seem to be maintaining their sideways price action with a slight upside bias as Spain finally focuses on an austerity budget and as China contemplates further stimulus," states an email to Bloomberg penned by senior director Michael Turek with Newedge Group in New York.
At 11:06 a.m. on Thursday, copper futures increase 0.13 percent, a 0.005 cent lift to $3.715 per pound.
Reuters reports China is projected to recover high demand for copper by the end of the year but, in the short term, national holidays will close the markets for about a week.
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