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MTECHTIPS:-Copper trades near 5-week low as China PMI weakens demand outlook
Copper prices traded close to the lowest level in five weeks on Monday, after a pair of reports on China’s manufacturing sector failed to ease concerns about a slowdown in the world’s second-largest economy. On the Comex division of the New York Mercantile Exchange, copper for July delivery inched up 0.5 cents, or 0.19%, to trade at $2.733 a pound during European morning hours. Prices held in a range between $2.728 and $2.741. On Friday, copper prices slumped to $2.724, a level not seen since April 24, before settling at $2.728, down 3.9 cents, or 1.43%. Futures were likely to find support at $2.694, the low from April 24, and resistance at $2.784, the high from May 29. A pair of manufacturing reports released on Monday underlined concerns over the health of China’s manufacturing sector. The HSBC final manufacturing index for May came in at 49.2, remaining below the 50-point level that separates growth in activity from contraction for the third straight month. Meanwhile, the official China’s manufacturing purchasing managers’ index inched up to 50.2 last month from 50.1 in April, broadly in line with market expectations. China’s official non-manufacturing PMI, also released on Monday, fell to a seven-year low of 53.2 in May from 53.4 in April.
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