Sept. 3 (Bloomberg) -- Nickel climbed for the first time in three days in London before a report that may show factory orders expanded in the U.S., the second-biggest user of industrial metals.
The metal on the London Metal Exchange gained as much as 0.7 percent from a two-week low at yesterday’s close. New manufacturing orders in the U.S. surged 11 percent in July from the previous month, according to a survey of economists by Bloomberg News before the Commerce Department data today. The Institute for Supply Management’s gauge of U.S. manufacturing rose to a three-year high in August, the group reported yesterday. Readings above 50 indicate growth.
The focus from investors was “the impact that manufacturing number would have on demand for metals in the U.S.,” said Daniel Hynes, a Sydney-based analyst at Australia and New Zealand Banking Group Ltd. “That’s been taken as a positive.”
Nickel for delivery in three months gained 0.5 percent to $18,648 a metric ton at 3:04 p.m. Hong Kong time from $18,550, the lowest close since Aug. 19.
Copper in London fell 0.3 percent to $6,950 a ton. In New York, the contract for December delivery was little changed at $3.156 a pound, while in Shanghai the metal for November climbed 0.1 percent to close at 49,680 yuan ($8,086) a ton.
On the LME, aluminum climbed and tin fell, while zinc and lead were little changed.