The Asian nation's October purchasing managers' index indicated 49.1 as compared to 47.9 during the month prior, according to preliminary results released HSBC Holdings and Markit Economics. China is the globe's top consumer of the reddish metal, which is sensitive to economic and financial developments due to its myriad uses in construction, manufacturing and other industry.
"Metal prices have become very sensitive to macro news from major economies," chief strategist Chris Weafer with Sberbank Investment Research told the news source. "Traders use the data as an indicator of the likely future trend in demand and prices."
At 9:28 a.m. on Wednesday, copper futures rose 0.01 percent, a 0.005 cent lift to $3.57 per pound.
Reuters reports the reddish metal bounced back after scraping its lowest level in six weeks. But the base metal is likely to react to the policy statement scheduled to be released later on Wednesday by the U.S. Federal Reserve.
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