Advances to manufacturing in the globe’s largest consumer of copper helped drive up the base metal’s price on Friday, according to Bloomberg.
Chinese manufacturing expanding at its fastest pace in about two years also has traders bullish about copper futures as 11 of 22 anticipate the industrial metal will climb next week. Six traders said it would not while five remained neutral on the matter.
“Copper is one of those metals that people feel is linked to the industrial cycle,” analyst Carole Ferguson with brokerage and advisory SP Angel Corporate Finance in London told the news source on Friday. “Demand is obviously returning, we’ve had good numbers coming out of China and the U.S. definitely looks as if it’s in a recovery trend.”
At 12:47 p.m. on Friday, copper futures lost 0.71 percent, a 0.026 cent loss to $3.65 per pound.
Copper Investing News reports analysts with Morgan Stanley forecast the reddish metal to increase in value 7.6 percent this year, based largely on increased demand deriving from China, the U.S and Europe.
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