Strong manufacturing data from the globe's top consumer of copper pushed up the value of the base metal for a third consecutive trading session on Thursday, according to Bloomberg.
The Purchasing Managers' Index for China increased to 50.2 last month after having checked in at 49.8 during the month prior, according to the Asian nation's statistics bureau. The uplifting economic data suggest China is bouncing back after seven consecutive months of underwhelming economic data. The reddish metal is sensitive to worldwide economic and financial developments due to its myriad uses in construction, manufacturing and other industry.
"Market sentiment was boosted by China's PMI data which signaled that demand remains steady," metals trader Chae Un Soo with Korea Exchange Bank Futures Co. in Seoul told the news source.
At 10:23 a.m. on Thursday, copper futures climbed 1.27 percent, a 0.0445 cent lift to $3.5620 per pound.
Reuters reports gains for copper futures were curbed by worries about the damaging tendencies of the sovereign debt crisis in the euro zone as the region continues struggling with the scourge.
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