COMEX Copper Spurts 1%, Chinese Official PMI Shows Strength

Supportive equities, weak US dollar and a rise in major commodities like crude oil supported Copper futures at the start of the week. COMEX Copper futures approached around two week high and currently trade at $ 3.05 per pound, up 1.05% on the day. The metal had tested a three and half month low mark before witnessing a rebound last week. MCX Copper futures are currently trading at Rs 440.30 per kg, up 0.80% on the day.

China’s official manufacturing purchasing managers index (PMI) had a strong month of March after the seasonal lull around the Spring Festival, with output, imports, and exports all growing, according to media reports. The PMI, a summary indicator of Chinese businesses used to gauge business activity and sentiment, edged up 1.2 points to 51.5 in March 2018, according data released National Bureau of Statistics. The threshold of 50 denotes no-growth and sub-50 means contraction in activity.