Metals rise on China recovery data booster
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Key metals advanced on Thursday after data from top consumer China suggested a recovery in its ailing manufacturing sector. However, brent crude oil futures dropped in early trade on concerns about the global growth outlook, while US crude gained as investors tried to assess the specific impact of the Hurricane Sandy on US oil infrastructure.
Copper rose for a third straight day in early trade on Thursday, aided by the news that China's manufacturing expanded for the first time in three months as output and new orders rose, signalling that the world's second-biggest economy is rebounding after a seven-quarter slowdown. The Purchasing Managers' Index rose to 50.2 in October from 49.8 in the previous month, while a separate survey from HSBC Holdings Plc and Markit Economics showed was at an eight-month high. China accounts for around 40% of the global demand for refined copper.
The three-month copper on the London Metal Exchange gained 0.9% to $7,829 per tonne by 1028 GMT. The metal had gained a 0.5% rise on Wednesday after hitting the highest in six weeks earlier in the session. Still, the metal had failed to recover from losses earlier in the month and ended October with the worst monthly performance since May. Three-month aluminium, too, advanced 0.9% to $1,923.50 per tonne intraday.
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