Shanghai copper jumps 2 per cent on China stimulus hopes
Tuesday, 3 February 2015
MELBOURNE, Feb 2 (Reuters): Shanghai copper jumped nearly three per cent on Monday, after an official report showed factory growth in China shrank for the first time in more than two years last month, fuelling hopes for increased stimulus from the world's second biggest economy.
A private business survey mirrored the result, showing the factory sector contracted a second straight month in January, as 2015 got off to a rocky start.
The more China's economy slows, the more pressure Beijing will have to stimulate it, although so far this has failed to put much of a floor under copper prices, said analyst James Glenn of National Australia Bank in Melbourne.