Copper prices stabilized after the release of moderate Purchasing Managers’ Index (PMI) data in China. Among industrial metals, copper prices fluctuated around their highest levels in two years on Tuesday, as the recent upward momentum was influenced by readings of the mixed PMI index from China, the largest importer.
Futures contracts for three-month copper settled around $10,185.0 per ton on the London Metal Exchange, while one-month futures contracts declined by 0.1% to $4.6738 per pound.
Official PMI data from China showed that manufacturing activity slowed less than expected in April compared to March. However, non-manufacturing activity slowed much more than anticipated. Tuesday’s data highlighted the ongoing weakness in the Chinese economy, despite a strong first quarter.
