Copper advances

Copper advanced to a four-month high, pacing gains in industrial metals, on reports manufacturing in China expanded, boosting the demand outlook in the world's largest metals user.

Three-month delivery copper gained as much as 2 percent to $7,585 a metric ton, the highest level since April 27, and traded at $7,525 a ton at 4:04 pm in Shanghai. Copper for December delivery in Shanghai increased as much as 2.5 percent to 59,880 yuan ($8,789) a ton before closing at 59,590 yuan. China's purchasing managers' index rose to 51.7 from 51.2, exceeding forecasts, rebounding from the weakest performance since early 2009 in July.

Seasonal factors might have had an effect because the index typically gains as factories restart following July maintenance, Mizuho Securities Asia Ltd said.

Source:China Daily