Base Metals Preview: Copper Off One Month High On Poor China Factory Data

1 Aug 2022 , 08:47 AM

Copper prices receded recent gains at the start of the week as crucial data from China weighs on the red metal. Chinese factory output unexpectedly shrank in July as fresh curbs in the wake of rising COVID-19 cases dented economic activity. The official purchasing managers index (PMI) came in at 49 for July, below expectations of 50.4, and Junes reading of 50.2. Continued contraction in the oil, coal and metal smelting industries was one of the main factors cited that pulled down the July manufacturing PMI. COMEX copper futures climbed to a one-month high on Friday and are currently quoting lower by 0.85% at $3.56 per pound. Powered by Commodity Insights