Copper rises after the decline in Chinese manufacturing activity

Futures rose for copper during the European morning trading Monday, its highest level for a week after a sharp decline in manufacturing activity amid hope that the Chinese decision-makers in Beijing will work stimulus measures to support growth in the second largest economy in the world.

Speculation is growing that the decision-makers in the United States and Europe will implement new procedures Hafeez to promote growth in their economies, which led to gains.

On the Comex division of the New York Mercantile Exchange, futures contracts were traded copper for December delivery at 3.486 dollars per pound during European morning trade, gaining 0.85%.

Earlier in the day, prices rose by 1.2% to a record high during the session $ 3.499 a pound, the highest price since August 27.

Month high of 47.6 in August from an initial reading of 47.8, new orders also fell in the face of weak global demand.

In Japan, government data showed earlier that capital spending rose less than expected in the second quarter, by 7.7% after increasing 3.3% in the previous quarter.

Analysts had expected an increase in capital spending by 8.9% in the second quarter.
The People's Bank of China cut both twice so far this year in a bid to boost lending and spur growth.

The People's Bank of China cut its forecast twice so far this year in a bid to boost lending and spur growth.

China is the largest consumer in the world of copper, which represents almost 40% of global consumption in the past year.

Market sentiment remained supported after announcing that Federal Reserve Chairman Ben Bernanke that the U.S. central bank can implement new stimulus measures to boost the U.S. economic recovery.

Speaking at the annual symposium in Jackson Hole, Wyoming, said Fed Is Bernanke said the persistently high unemployment rate is a serious concern, "and added that Bank's Tisiralnkadi program was effective" in supporting the economic recovery.

Market awaits U.S. government data on non-farm payrolls on Friday, to see if the labor market has improved.


Elsewhere in the Comex, gold fell to October delivery rose 0.01% to trade at 685.45, 1 Dolarllounsh while silver for December delivery rose 1 percent to trade at 31.75 dollars per ounce.