Copper prices rose on Tuesday, with Shanghai copper touching a near two-week high, as top consumer China surprisingly reported an expansion in factory activities this month.
The Purchasing Managers’ Index for China rose to 52 in March from the collapse to a record low of 35.7 in February, official data showed, much higher than a Reuters poll’ forecast of 45.0.
The most-traded copper contract on the Shanghai Futures Exchange (ShFE) rose as much as 2.2% to 39,600 yuan ($5,578.56) a tonne, its highest since March 18. Three-month copper on the London Metal Exchange (LME) was up 1.5% to $4,838.50 a tonne, as of 0124 GMT, reversing a streak of three straight losses.
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