Copper Steadies as Panama Mine Closure Plan Offsets China Data

Copper steadied below the highest in more than 10 weeks as the potential shutdown of a major mine in Panama countered a weaker-than-expected reading for China’s factory activity in November.

Most metals fell on Thursday after China’s official manufacturing purchasing managers index came in lower than analysts had estimated, while the non-manufacturing gauge — which measures activity in construction and services — also eased.

The data comes at a critical time for copper, which has rallied in the past month to touch the highest since mid-September. The metal is drawing support from worries about supply after Panama’s government said it ...