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LME OFFICIALS: Base metals prices up on strong European indicators
July 24, 2013 - 15:00 GMT
Base metals prices strengthened in official trading on the London Metal Exchange on Wednesday July 24, on a weaker dollar and bullish manufacturing indicators in Europe.
The dollar was trading at about 1.325 to the euro in early
trading, from about 1.318 on Tuesday, while European purchasing
managers’ indexes (PMIs) saw unexpected growth.
"Euro-area PMIs have improved modestly over the past couple of
months and the 'flash’ readings for July showed
improvement again today," a broker said in a note. "The upside
surprise was the manufacturing PMI which came in above 50,
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Euromoney Institutional Investor PLC.
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