Nov. 1 (Bloomberg) -- Aluminum advanced, trimming a weekly loss, as manufacturing in China expanded more than estimated, boosting the outlook for the metal in the world’s biggest user.
The contract for delivery in three months on the London Metal Exchange rose 0.8 percent to $1,873.75 a metric ton at 4:06 p.m. in Tokyo. It’s fallen 0.4 percent this week. Copper rose 0.5 percent to $7,288.25 a ton, extending its advance this week to 1.4 percent, the biggest such gain since September.
The Purchasing Managers’ Index was 51.4 in October, the highest in 18 months, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today. The reading compares with the 51.2 median estimate in a Bloomberg News survey and 51.1 in September. A number above 50 indicates expansion.
“Today’s manufacturing data boosted sentiment in the metals market,” said Hwang Il Doo, a senior trader at Korea Exchange Bank Futures Co. in Seoul.
A separate manufacturing gauge for China from HSBC Holdings Plc and Markit Economics climbed to 50.9 from 50.2, matching a preliminary reading and exceeding the 50.7 median estimate in a Bloomberg survey.
Central Chile was struck by a 6.6-magnitude earthquake earlier that caused buildings to shake in the capital of Santiago. The government received no reports of injuries or damage, according to the official emergency service known as Onemi. The nation is the world’s biggest copper producer. The earthquake had little impact on copper so far, Hwang said.
Copper for delivery in January on the Shanghai Futures Exchange rose 0.8 percent to close at 52,240 yuan ($8,568) a ton. Futures for delivery in December added 0.7 percent to $3.3220 a pound on the Comex in New York.
On the LME, zinc, lead, tin and nickel also advanced.
--Editor: Brett Miller