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Copper Gains Supported By The Muted Greenback, After Latest Data From US.
Copper prices eked out a modest gain of 0.05%, settling at 728.35, with support stemming from a weakened U.S. dollar and positive sentiment among traders reacting to the latest macroeconomic data from the United States. The official PMI data revealed the persistent contraction of factory activity in February for the fifth consecutive month, reflecting concerns about China’s debt-laden property sector and subdued investment sentiment in a weak equity market. The subdued factory activity contributed to a substantial increase in inventories of deliverable copper in major Chinese warehouses, reaching 181,323 tonnes by the week ending February 23rd – more than double the pre-Lunar New Year levels and a notable 500% increase year-to-date.
