Copper edges higher as China factory activity returns to growth in September
Three-month LME copper rose 0.23% to $14,471/ton by 0330 GMT, while SHFE November gained 0.21% to 109,530 yuan ($16,340.20) after China PMIs improved; trade stayed subdued ahead of the Sept. 30 long holiday.
Sept 30 (Reuters) — Copper prices edged higher on Wednesday as data showed Chinese factory activity returned to growth in September, though trading remained subdued ahead of a week-long holiday in the top metals consumer. 52% lower. 8 in August. 5.
Trading was subdued before China's National Day holiday. SHFE will close from Thursday and reopen on October 8. Physical copper demand also eased heading into the break. The domestic premium continued to weaken from the peak set on Tuesday to 1,050 yuan a ton.
But the Yangshan copper premium, a gauge of Chinese consumers' appetite for imported materials, rose slightly to $119 a ton. The US dollar remained firm, heading for a roughly 2% monthly rise, supported by higher US yields. A stronger dollar makes greenback-priced metals more expensive for holders of other currencies. Oil also traded firm, with Brent crude hovering above $100 a barrel, keeping inflation concerns and expectations of another rate hike by the US Federal Reserve alive.
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