SINGAPORE, Nov 4: London copper edged up today as a pick up in global factory activity boosted the outlook for demand, but a firm dollar is expected to keep a lid on prices that rose almost a percent last week.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange rose by 0.19 percent to $7,254 a tonne by 0113 GMT,
* Copper ended up almost 1 percent last week, its biggest weekly gain since September. Prices have been within the $7,000-$7,420 a tonne range since early August.
* The January copper contract on the Shanghai Futures Exchange traded barely changed at 52,020 yuan ($8,500) a tonne.
* Manufacturing expanded around the world in October, with business surveys showing U.S. Factory output growing at its fastest pace in 2-1/2 years and Asian manufacturers reporting the fastest upturn in months, led by China.
* Hedge funds and money managers broadly raised bullish bets in futures and options of U.S. Gold, silver and copper for the week ended Oct. 22, a report by the Commodity Futures Trading Commission showed on Friday.
* A leading commodities index sank to its weakest since June 2012 on Friday as upbeat data bolstered the dollar and hurt oil and gold prices, while natural gas prices hurtled lower for a fifth straight session due to forecasts of mild weather.
* The London Metal Exchange said on Friday it will enforce tighter rules for ‘open-outcry’ floor trading on a permanent basis following a trial to increase transparency amid regulatory pressure across financial markets.
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MARKETS NEWS
* Asian markets started the week on a sluggish note on Monday as investors chose discretion over valour ahead of central bank meetings in Europe and the always-critical U.S. Payrolls report.
* The euro languished at two-week lows early in Asia on Monday. Pressure on the euro helped keep the dollar at six-week highs against a basket of major currencies. (agencies)
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