On Tuesday, copper prices hit their highest point since 2013, driven by fast-expanding manufacturing activity in Europe and China — as well as by news that viable coronavirus vaccines are coming, Reuters reports.
Benchmark copper on the London Metal Exchange (LME) peaked today at $7,723/mt before lowering to around $7,715.50/mt., said Reuters, which reported that copper has come up since a low of $4,371/mt in March.
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U.S. factories grow but at slower pace
The U.S. manufacturing sector grew in November but at a slower pace than in October, according to the monthly PMI figure from the Institute of Supply Management (ISM).
The purchasing managers index on Tuesday fell to 57.5 in November from 59.3 in October, according to the Associated Press. Numbers above 50 indicate an economic expansion.
U.S. construction spending increases more than expected
U.S. construction spending rose 1.3% in October, according the latest monthly federal figures released Tuesday.
Reuters’ survey of construction managers had expected growth of 0.8%, according to the news agency, which reported that year-on-year construction spending for October increased 3.7%.
The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.