In a positive sign for the industry, the Caixin manufacturing purchasing managers index (PMI) rose to 51 in the previous month, marking the highest reading since February. This indicates a return to expansion after a contraction in July.
Copper futures for September delivery witnessed a 2% surge on the Comex market in New York, reaching a level of $3.90 per pound ($8,580 per tonne).
Check out this interactive chart for the latest copper prices.
“With expectations of government stimulus shaping trading sentiments, copper prices are predicted to remain volatile at a high level,” stated Citic Futures. “Low copper inventories pose a supply risk as Chinese demand is expected to rise during the upcoming peak season.”
Additionally, China recently implemented measures to support its currency after it weakened significantly, nearing levels not seen since 2007.