Economics

Copper Rises as China Manufacturing Report Eases Growth Concern

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By Yi Tian and Agnieszka Troszkiewicz

August 23, 2011 at 5:59 PM UTC

This article is for subscribers only.

Copper rose the most in more than a week in New York after a report on Chinese manufacturing eased concerns that the economic slowdown is deepening.

A Chinese manufacturing index released by HSBC Holdings Plc and Markit Economics showed a preliminary reading for August of 49.8, compared with the final 49.3 for July. Imports of refined copper by China, the world’s largest user, rose for a second month in July, customs data showed yesterday. Inbound shipments of scrap copper jumped 14 percent from a year earlier.