Copper futures climbed in the domestic market on Friday as a fifth straight contraction in China’s manufacturing activity dampened optimism over a recovery in the world’s second biggest economy, bolstering the case for monetary and fiscal stimulus to help avert a worsening slowdown. The official China factory gauge stood at 49.7 in December, below the mark of 50 that separates expansion from contraction, compared to 49.6 in November.
The gains in the industrial metal were trimmed by weak US economic data that clouded the demand outlook for copper. US jobless claims jumped 20,000 to 287,000 last week, the highest level since July while a business activity gauge contracted the most since August 2009 last month with the Chicago PMI falling to 42.9 from 48.7 in November, signaling a slowdown in the world’s biggest economy.
At the MCX, Copper futures for February 2016 contract is trading at Rs 316.75 per kg, up by 0.40 per cent after opening at Rs 315.5, against the previous closing price of Rs 315.5. It touched the intra-day high of Rs 317.45 .
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