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Weekly Copper Review: COMEX futures trade in narrow range
02-Nov-2024 15:21
COMEX Copper futures are trading in a narrow range recently with focus still on Chinese economic cues. Copper lost around 4.50% in October 2024. Prices eased after testing a one week high of $4.40 per pound. Meanwhile, China's official purchasing managers' index for October came in at 50.1, in expansionary territory for the first time since April, according to National Bureau of Statistics data released Thursday. The sub-index for production came in at 52 for October, while that of new orders was 50. Raw materials inventory ticked up to 48.2, still in contraction territory, along with employment at 48.4, which was mildly better than the prior month. The statistics bureau's PMI for non-manufacturing activity rose to 50.2 in October. That was up from 50 in September but below August's 50.3 print.

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