Copper prices jump in Asia as China PMI from Markit ticks higher

Investing.com - Copper prices jumpeded in Asia on Tuesday as China PMI data from Markit came in better than expected, raising hopes for a turn upwards in the economy.

In China the June Markit Flash Manufacturing PMI rose to 49.6, better than May's final of 49.2 and the first without HSBC following the end of their distribution deal.

"The latest Flash China Manufacturing PMI survey provided a mixed bag of data in June," said Annabel Fiddes, Economist at Markit.

"On the one hand, the sector shows signs of improvement as output stabilised amid a slight pick up in total new work, while purchasing activity also rose slightly over the month. On the other hand, manufacturers continued to cut their staff numbers, with the latest reduction the sharpest in over six years. This suggests that companies have relatively muted growth expectations as demand conditions both at home and abroad remain relatively subdued. The data add to evidence that the sector has lost growth momentum in Q2 as a whole, and suggests that the authorities may step up their efforts to stimulate growth and job creation in the second half of the year."

Earlier, Greece's Prime Minister, Alexis Tsipras told reporters late Monday that proposals submitted to creditors to resolve the country's immediate debt obligations are aimed at fairness and that they should be adopted.

"I will use a term the EU leaders are using: the ball is now on EU leadership court," he concluded.

He made the remarks after the Emergency Eurozone summit in Brussels, adding that deliberations will continue for "a few more days" in order to secure the best possible deal for Greece.

European Commission President Jean-Claude Juncker earlier said Greece's proposals are a step in the right direction and that he was confident a deal could be finalized this week.

"I am convinced that we will come to a final agreement this week, for the simple reason that we have to find an agreement this week," he said. "We cannot play, as is said in football, for extra time any longer."

On the Comex division of the New York Mercantile Exchange, gold for August delivery rose 0.26% to $1,187.20 a troy ounce.

Silver for July delivery gained 0.07% to $16.153 a troy ounce.

Copper for July delivery soared 1.66% to 2.615 a pound.

Overnight, gold futures plummeted on Monday experiencing their worst one-day decline in more than three weeks, amid increased optimism of a breakthrough in longstanding Greek Debt negotiations.

Gold is viewed as a safe haven for investors in periods of severe economic instability.