Saturday, 27 October 2012

Copper Rises from Seven-Week Low on U.S. Growth Optimism

Copper rose from a 7-week low on Friday, after data showed U.S. economic growth picked up in the third quarter, quashing pessimism on the state of the global economy and boosting demand prospects for industrial metals.

Benchmark copper on the London Metal Exchange (LME) was at $7,835 by GMT, up 0.3 percent from Thursday's close of $7,815 a metrc tonne and up from a 7-week low of $7,756.25 earlier in the session.

Japan's Nikkei share average was knocked off a four-week high on Friday on concern that Chinese funds face heavy redemption after a poor quarterly performance, and as disappointing earnings from Fanuc Ltd (6954.T) dragged.

The Nikkei .N225 fell 1.4 percent to 8,933.06 after Asian shares slumped on a report in the China Securities Journal that Chinese funds had posted a 75 billion yuan ($12.02 billion) loss in the three months to September.

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