Copper prices have risen in London trade on news that US manufacturing data contracted less then expected in May.

This from Casey Research:

“‘Copper’s fundamentals this year are very supportive — this is a market in deficit. We would expect to see any further drop from these levels as being short-lived,’ said Gayle Berry, metals analyst at Barclays Capital.

The base metals were all in the red on Thursday. Copper backed down for a second straight day, dropping from the pre-dawn hours to late morning, after which it recovered slightly to finish at $3.844/lb., down 4¾ cents.

Gold turned in a tepid performance during the New York session on Tuesday, rising well until nearly noon, where it peaked at $883, but then declining from there through the Globex and finishing weakly at $875.60, up $1.60. Overnight, gold has fallen off in London.