Copper futures surge on manufacturing data

摘要

COMEX copper futures surged Monday onnthe back of better-than-expected manufac-nturing and construction-spending data innthe US, as well as substantial weakness innthe dollar. Copper for September delivery,nthe active month, settled 7.80 cents/lbnhigher at $338.95 cents/lb. COMEXnfutures began trading sideways innEuropean trading between the 336.50 andn335.50 cents, but began moving highernjust before the start of New York floor trad-ning. But prices began moving higher shortlynafter the release of better-than-expectednJuly manufacturing data from the Institutenfor Supply Management, as well as solidnJune construction spending. Prices ralliednin electronic trading to the 339-cent level,nwhere they had difficulty breaking through.