Copper surges on improved China manufacturing data

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Associated Press

Posted on December 3, 2012 at 4:00 PM

Updated Monday, Dec 3 at 4:02 PM

The price of copper is surging on the latest sign that China's manufacturing industry is getting healthier, even as the U.S. sector slows down.

Copper for March delivery rose 0.85 cent Monday to finish at $3.6585 per ounce. That's the highest price since Oct. 18.

Two reports conclude China's manufacturing industry expanded in November from October. New orders rose and export orders increased. China is a huge importer of commodities so investors are hoping demand will strengthen for raw materials such as industrial metals and oil.

The China data is overshadowing a report that U.S. manufacturing declined in November to its weakest level since July 2009.

In other trading, prices are higher for gold, platinum, palladium, oil, corn and soybeans. Wholesale gasoline and wheat are lower.

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