Copper lingers near one-month high

COMEX Copper futures spiked more than 1% in last session and stayed elevated though mixed equities capped upside. The metal currently trades at $4.58 per pound, almost unchanged on the day. Markets eyed data from China. Manufacturing sector conditions in China improved midway through the third quarter, according to latest PMI data. Manufacturing production returned to growth on the back of rising new orders. The headline seasonally adjusted Purchasing Managers’ Index (PMI) posted 50.5 in August, up from 49.5 in July. Rising above the 50.0 no-change threshold in August, the latest figure signalled that manufacturing sector conditions improved midway through the third quarter of the year.

Copper is holding around one-month low. Meanwhile, in equities today, China's Shanghai Composite index added 0.46%. Hong Kong's Hang Seng spiked 2.15%. Japanese Nikkei average fell 1.20% to test three-week low. European stocks see cautious moves. The US stocks slipped on Friday. The Nasdaq led losses and slumped 1.2%. The S&P 500 index fell 0.6% and the Dow dipped 0.2%.

On the MCX, Copper futures broke above Rs 900 per kg and currently trade at $901.80 per kg, up 0.15% on the day. It tested a high of Rs 905.65 per kg.

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