China Factory Gauge Rises Unexpectedly, COMEX Copper To Close The Month Higher
The three-month COMEX copper contract’s prices gapped up in Asian trading session on Thursday, bolster by data that reflected healthy growth at China’s factories in August.
Copper for December delivery on the Comex division of the New York Mercantile Exchange climbed more than 0.6 percent to trade at $3.1065 per lb, heading for a third monthly gain in a row. The price also reached its highest point since mid-September 2014.
Expectations of better metals demand were fed after China Federation of Logistics and Purchasing (CFLP) reported that China’s official factory gauge further strengthened in August. Indeed, the manufacturing purchasing managers index jumped to 51.7 in August from the 51.4 reading in July. This month’s figure easily topped market forecast for a small dip to 51.3.
Buy Stop at 3.1070, Take profit at 3.1300, Stop loss at 3.1000