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Shanghai copper rises on encouraging China PMI

February 22, 2012 - 07:59 GMT Location: Shanghai

KEYWORDS: SHFE , Shanghai , copper , aluminium , zinc , lead , price

Shanghai Futures Exchange copper gained 1.2% as the preliminary HSBC China purchasing managers’ index (PMI) showed improvement in February.

SHFE May copper settled at 60,490 yuan ($9,616) per tonne on Wednesday, up 730 yuan from the previous session. The preliminary HSBC PMI rose to 49.7 in February, a four month high, from 48.8 in January. The PMI is still below 50, meaning China’s manufacturing sector is still in contraction. “The PMI number has had some...

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Comment & analysis

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Seven days is a long time in the investment world, but last week must have felt longer than most.
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So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.