Copper futures rose sharply on Monday amid the Chinese data release which is the major metal consumer approving the production activity rise in the country.
By the end of the deals on COMEX the December copper contract ticked up by 7.55 cents or by 2% to 3.8090 dollar per pound..
The production activity in China and India continued rising in October. According to the report the purchasing managers index of China reached 54.7 in October from 53.8 a month earlier. The PMI calculated by HSBC advanced to 54.8 from 52.9, that comes as a sharpest hike from 2004.
Meantime, the PMI of HSBC India rose to 57.2 from 55.1.
The production activity report is an important factor for the copper market widely used in the industry.
The copper prices have quick senses to the Chinese findings where industrialization is accompanied by the urbanization growing that makes the country the main consumer of this metal.
Another confirmation of the copper demand uprise is the reserves data on LME which fell by 925 tones on Monday and now at 367, 575 tones. On COMEX the metal reserves dropped by 153 tones to 75,100.
