Copper edges higher on China's rising factory activity
CPER•Copper rose as China's official manufacturing PMI returned to growth at 50.1 in September, while SHFE copper stocks fell 17.8% to 38,744 tons, their lowest level since January 2024.
1. Copper prices rise
Benchmark three-month copper on the London Metal Exchange rose 0.47% to $14,506 a metric ton by 0718 GMT. The most-traded November contract on the Shanghai Futures Exchange gained 0.35% to 109,680 yuan a ton, ending September up 1.45%.
2. China activity and stocks
China's official manufacturing PMI rose to 50.1 in September from 49.8 in August. A private RatingDog survey showed its PMI climbing to a five-month high of 52.1 from 51.5. Trading was subdued ahead of China's week-long National Day holiday, and copper stocks monitored by the Shanghai exchange fell 17.8% to 38,744 tons, their lowest since January 2024.
