Most LME base metals down on weak US econ data released showed a slowdown in US factory activity and because investors booked some profits following the recent surge in prices. Data released by the Institute for Supply Management showed that index of US manufacturing activity fell to 56.3 in July from 57.8 a month ago. The US is one of the largest consumers of industrial metals in the world, and weak manufacturing activity will typically trigger concern about a decline in demand for such metals. Traders booked profits as three-month nickel and copper contracts on LME had closed higher in most of the last nine trading sessions. Nickel and copper on LME had gained 7.5% and 6.2%, respectively, during the period.
Source : Newswire
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