Home Forex News Copper Soars Well Above $3 Per Pound

Copper Soars Well Above $3 Per Pound

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The manufacturing sector in China continued to expand in August, albeit at a slower pace, the latest survey from the National Bureau of Statistics or NBS said on Monday with a manufacturing PMI score of 51.0. The latest data shows a decline from 51.1 in July though it remains above the level of 50 that separates expansion from contraction. The NBS also said on Monday that its non-manufacturing index came at 55.2, up from 54.2 in the previous month.

Shanghai base metals, except for aluminium, opened on a positive note on Tuesday morning, holding onto overnight gains, while their counterparts on the LME increased across the board, as the dollar hit two-year low on the back of the US Federal Reserve’s policy shift on inflation. Results of a private survey on Tuesday showed China’s manufacturing activity expanded in August at the fastest pace in nearly a decade. The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 53.1 for August, compared to 52.8 in July. Japan’s factory output rose for a second straight month in July, while retail sales fell for a fifth straight month.

TREND : BULLISH

Time                                      :           01/09/2020

Pivot                                      :           3.0247

Technical View                     :             LONG ABOVE 3.0382

Target                                   :            3.0517, 3.0631, 3.0872

Technical View                     :             SHORT BELOW 3.0184

Target                                   :            3.0122, 2.9891, 2.9767

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