The copper price was trading at its highest since March 2013 on Tuesday after Chinese data showed manufacturing and construction in the world’s second-largest economy was expanding at a pace not seen in a decade.
On the Comex market, copper for delivery in March jumped 2.4% to $3.5215 a pound ($7,764 a tonne) in New York, racking up its fifth straight day of gains. The copper price has advanced 26% year to date after recovering from a dip below $2.00 a pound at the height of the pandemic in March.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $132.13 a tonne on Tuesday. That was the highest level for the steelmaking raw material since January 2014 and brings gains for 2020 to over 43%.
Asia’s building, factory boom
Beijing’s official manufacturing PMI for November rose to 52.1 while the Caixin manufacturing PMI, which gives a clearer picture of activity outside large firms and the state-owned sector, jumped to a ten-year high of 54.9.
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