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Tuesday, July 1, 2014
Base metals prices rise on anticipation of positive Chinese PMI
Base metal prices rose during kerb trading on the London Metal Exchange on Monday June 30, on the anticipation of an upbeat reading for the official Chinese manufacturing data for June.
Three-month copper closed at $7,015 per tonne, up $70 from its previous close at $6,945 per tonne. The red metal traded at a low of $6,924.50 per tonne, before hitting a high of $7,025 per tonne. "We had a much more positive than expected HSBC PMI last week which has driven up the expectation for the official PMI," an analyst said.