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Copper Slammed On Weak China Factory Reading
Following an impressive rally last week in response to news of Chinese stimulus measures, copper prices have come under heavy selling pressure on Monday. The move lower comes on the back of the latest Chinese economic data overnight which showed that the manufacturing sector remains in negative territory. The Chinese Caixin PMI fell to 49.3 in September, down from 50.3 prior and below the 50.5 the market was looking for. Notably, the new orders component of the data was seen falling to its lowest level in two years while the employment reading was seen contracting for the first time in seven months. Business ... (full story)
