Copper for December delivery around the Comex division from the New York Mercantile Exchange tacked on 2.8 cents, or 1.26%, to trade at 2.280 a pound during day in London.A day earlier, copper fell to 2.225, an amount not seen since August 24, before recovering to finish at 2.251, little changed around the day.
Copper prices lost 13.4% within the third quarter amid indications China's economy is losing momentum, fueling fears over slackening demand for that industrial metal.The official China manufacturing purchasing managers' index due Thursday was likely to fall to 49.6 in September from 49.7 in August.
Meanwhile, the ultimate reading from the Caixin manufacturing purchasing managers index, also due Thursday, was forecast to inch as much as 47.2 from the preliminary reading of 47.0, that was the lowest since March 2009.A reading below 50.0 indicates industry contraction.
The Asian nation may be the world s largest copper consumer, comprising almost 40% of world consumption this past year.Elsewhere in metals trading, gold futures for December delivery shed 3.80, or 0.34%, to trade at 1,123.00 a troy ounce as expectations for any U.S. rate hike within the coming months continued to weigh around the precious metal.Gold futures take presctiption track for any 4% drop within the three months ending September 30 amid indications the Federal Reserve was prone to raise rates of interest in 2015.
Most economists believe the U.S. central bank will start raising rates in December after holding policy steady in September because of concerns within the global economy, particularly China.The timing of the Fed rate hike continues to be a constant supply of debate within the markets recently. We encourage you to employ comments to interact with users, share your perspective and get questions of authors and every other.
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