BEIJING- Prices of base metals rebounded on Wednesday as traders found comfort in robust September US factory production data that signaled the manufacturing sector in the world’s biggest economy remains on reasonable footing.
Three-month copper on the London Metal Exchange was up 0.6 percent at $7,463 a ton.
Production at US factories rose in September led by output gains in both durable and nondurable goods despite the US Federal Reserve’s efforts to hamper demand – and lower inflation – through higher interest rates. (Full Story)
That settled some demand jitters as the market had anticipated poor industry performance as a result of the Fed’s interest rates hikes to tame inflation.
Investors appeared to track positive risk appetite in Wall Street following better-than-expected quarterly results from Goldman Sachs Group <Inc, Johnson & Johnson and Lockheed Martin.
LME aluminum was up 0.6 percent at $2,207 per ton, lead advanced 0.5 percent to $2,024 per ton, tin increased 1.5 percent to $19,750 per ton, and zinc added 1.1 percent to $2,895 per ton.
Investors also awaited for economic indicators from top metal consumer China.
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