Copper futures were driving toward their strongest weekly performance in more than 12 months on Friday as economic data indicated the globe's top consumer of the base metal is seeing rapid manufacturing development, according to Bloomberg.
Copper prices are up 0.8 percent this week and headed toward a fifth consecutive week of gains, which would represent the longest run since late July of last year. The Purchasing Managers' Index in China for December pushed to 50.9, which trumped the 50.8 forecast by economists polled by the news source.
"The China data came out a good read," metals trading head Hwang Il Doo with Korea Exchange Bank Futures told the news source on Friday. "We expect China's economy will recover next year as Xi Jinping needs to keep growth momentum on track. Prices are well supported at $8,000 and can take off."
At 11:56 a.m. on Friday, copper futures gained 0.41 percent, a 0.015 cent lift to $3.675 per pound.
Reuters reports the uplifting outlook for China trumped the troubled economic system of the euro zone.
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