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Copper Gains As Dollar Eased And Stable China’s Manufacturing Demand.
Copper demonstrated strength, settling up by 1.25% at 714.75, benefiting from a weakened U.S. dollar and steady manufacturing demand in China. The official purchasing managers’ index (PMI) in China rebounded slightly in January, though it remained below the critical 50-mark that separates growth from contraction. Support for copper was further bolstered by data from LME, revealing a decline in copper stocks in LME-registered warehouses to 132,525 tons, the lowest level since September. On the other hand, concerns arose from U.S. inflation data, which surpassed expectations in January, leading to speculation that potential cuts to high-interest rates could be delayed.
