Weekly Copper Review: COMEX futures see rangebound moves

COMEX Copper futures stayed in a choppy range of around $6.50-6.70 per pound but held just under record highs. Market eyed steady US equities and positive cues from global manufacturing sector. August saw the upturn in the global manufacturing sector 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.

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