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Copper futures tempered by slack EU PMI figures

By Michael Bellart (Global Times)

08:22, October 26, 2012

Chinese copper futures were mixed Thursday as disappointing data out of the EU Wednesday tempered optimism sparked by unexpectedly positive factory output data.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) fell 0.52 percent to close at 57,500 yuan ($9,196) per ton after opening the day slightly above even.

Wednesday's manufacturing data releases contributed to the decline in copper prices, according to the commodity analyst team at the Australian bank ANZ. "In Europe, French and German flash manufacturing purchasing managers' indices (PMIs) for October were both weaker than expected. The October German IFO business survey also printed weaker than market expectations, which weighed on risk sentiment," the bank's report said.

The disappointing data overshadowed the more positive preliminary Chinese manufacturing data released earlier in the day.

HSBC's flash PMI for manufacturing rose to 49.1 in October from 47.9 in September.

Copper futures got a bit of a boost late in the day after the US Federal Reserve reaffirmed its commitment to keep interest rates low.

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