Shanghai Futures Exchange copper closed 0.2-percent lower at 52,980 yuan ($8,403) a tonne on Thursday as buying dried up ahead of the Lunar New Year in mid-February, but a flurry of encouraging manufacturing reports out of Asia stemmed losses.
"The physical market for copper cathodes (has) remained calm," European copper product maker Aurubis said in a report. "In China, demand was restrained ahead of the Lunar New Year festivities there in mid-February and the European market also showed only limited buying activity."
China's manufacturing sector sustained growth at multi-month highs in January, a private business survey showed on Thursday, as factories continued to raise output to meet new orders, suggesting resilience in the world's second-largest economy. Asia's factories got off to a strong start in 2018, with manufacturing activity in many countries gaining momentum and hitting multi-year highs as global demand for hi-tech products remained strong.
Comments
Comments are closed.