Domestic commodity futures rose broadly Monday with base metals getting some lift from encouraging manufacturing data out of China.
The most traded copper contract on the Shanghai Futures Exchange (SHFE) tacked on 0.44 percent to close at 57,110 yuan ($9,148) per ton. The contract opened down 0.21 percent from Wednesday's closing price, but took off in the late morning.
China's official purchasing managers' index (PMI) broke through to 50.2 in October following two consecutive monthly contractions, according to the Australian bank ANZ. A PMI reading above 50 indicates expansion. The index showed increases in production, new orders and export orders last month. The data helped SHFE base metals rise despite weakness in the global economy.
Traders in China continued to worry about the lack of downstream demand for copper, Reuters reported.
The three-month copper contract on the London Metal Exchange (LME) was trading up 0.4 percent at $7,788 per ton at 12:19 pm Beijing Time Thursday.
In other SHFE base metals, the January aluminum contract closed just below even at 15,335 yuan per ton. The January lead contract added 0.33 percent to close at 15,340 yuan per ton, and the February zinc contract grew 0.34 percent.
News we recommend:
[Special]'Made in China' Revisited
Chinese property companies speed up
Yuan set to be more flexible
Software changes its China business model
Alarm raised over Apple 'erotic' app
HNA Group buys 48% stake in French airline
Asian economies turn to yuan
Yuan at highest value versus US dollar
Policies raise hope for Chinese PV solar