London copper marches towards $8,000 on stronger yuan, solid factory data
- China, the United States and Europe showed expansion in their factory activities in December, signalling some economic recovery from coronavirus-induced slumps.
HANOI: London copper prices headed towards the psychological level of $8,000 a tonne on Tuesday, as solid manufacturing data from major economies and a stronger yuan boosted sentiment.
Three-month copper on the London Metal Exchange advanced 0.7% to $7,916 a tonne by 0350 GMT, while the most-traded February copper contract on the Shanghai Futures Exchange dipped 0.1% to 58,020 yuan ($9,022.21) a tonne.
China, the United States and Europe showed expansion in their factory activities in December, signalling some economic recovery from coronavirus-induced slumps.
Meanwhile, China's central bank lifted its official yuan midpoint by the most since it abandoned a decade-old peg against the dollar in 2005, boosting risk sentiment and making greenback-priced metals cheaper to holders of the yuan.
China is the world's biggest metal consumer.
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