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Cu consolidates above $7,600 in LME officials on strong manufacturing figures

September 02, 2010 - 13:31 GMT Location: London

KEYWORDS: copper , aluminium , zinc , lme , officials , jethro wookey

Copper settled above $7,600 for the first time since April 27 in Thursday’s official session on the London Metal Exchange, as the market consolidated gains made in the wake of the surprisingly positive purchasing managers index (PMI) figures released from the USA on Wednesday

Three-month copper settled at $7,640/640.5 per tonne after opening the day at $7,625. The contract traded down to a low of $7,600 before reaching a high of $7,680 in the morning’s trade. Strong PMI data from the USA helped prices late on Wednesday after similarly positive data came from China, India, Russia and France earlier in the day. “Copper has continued its upwards trend, and is now above its nearby resistance,” a ring trader said. “People may now be starting to...

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