July 1 (Bloomberg) -- Copper rose the most in a week, extending its first-half rally, as manufacturing expanded in China, the world’s largest user of the metal.
China’s Purchasing Managers’ Index climbed to a seasonally adjusted 53.2 in June from 53.1 in May, government figures show. Record imports into the Asian nation helped copper to surge 61 percent in the first six months of 2009, the biggest first-half gain since 2006.
“The number shows China’s economy is still picking up,” said David Wilson, an analyst at Societe Generale SA in London. “Copper was stronger than expected in the first half. We expect a lot of volatility in the third quarter and sideways trade.”
Copper futures for September delivery gained 5.85 cents, or 2.6 percent, to $2.3305 a pound on the New York Mercantile Exchange’s Comex division. That marks the biggest gain for a most-active contract since June 24.
Manufacturing in the U.S. shrank in June at the slowest pace in 10 months, another sign the worst of the recession may be over, a private report showed today.
The metal also gained as U.S. equity markets rose, improving investor sentiment. The Standard & Poor’s 500 Index advanced as much as 1.4 percent. The gauge jumped 15 percent in the second quarter as copper added 23 percent.
Among other LME metals for three-month delivery, lead increased 2.9 percent to $1,739 a ton. Nickel rose 7.3 percent to $16,495 a ton. Zinc surged 3 percent to $1,595 a ton, and tin climbed 2.5 percent to $14,500 a ton. Aluminum gained 2 percent to $1,663 a ton. more...
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