Copper bounces on supportive global manufacturing data

COMEX Copper futures stabilized around one and half week lows as supportive cues from global manufacturing sector capped losses. August saw the upturn in the global manufacturing output gain impetus, as rates of expansion in output, new orders and employment all gathered pace. The outlook also remained positive on balance, with business optimism at its joint- highest level since February. The J.P.Morgan Global Manufacturing PMI, a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM rose to a three-month high of 52.3 in August, up from 52.1 in July, remaining above its neutral 50.0 mark for the thirteenth consecutive month. COMEX Copper futures scaled up following this and is currently up 0.11% at $6.61 per pound. The counter had lost more than 1% yesterday. MCX Copper is also up 0.26% at Rs 1375.90 per kg.

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