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Copper rebounds as China’s factories unexpectedly return to growth

Copper prices rose on Tuesday, with Shanghai copper touching a near two-week high, as top consumer China surprisingly reported an expansion in factory activities this month.

The Purchasing Managers’ Index for China rose to 52 in March from the collapse to a record low of 35.7 in February, official data showed, much higher than a Reuters poll’ forecast of 45.0.

The most-traded copper contract on the Shanghai Futures Exchange (ShFE) rose as much as 2.2% to 39,600 yuan ($5,578.56) a tonne, its highest since March 18. Three-month copper on the London Metal Exchange (LME) was up 1.5% to $4,838.50 a tonne, as of 0124 GMT, reversing a streak of three straight losses.

Jubilee Metals Group (LON:JLP) is a global, diversified metal recovery company that operates world-class projects, ensuring a positive impact on the environment and its stakeholders.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.