BEIJING, March 1 (Reuters) - Copper prices climbed on
Wednesday, as better-than-expected manufacturing activity data
from top consumer China buoyed sentiment, while a stronger U.S.
dollar and easing supply concerns weighed on the market.
Three-month copper on the London Metal Exchange was
up 0.2% at $8,980 a tonne, as of 0141 GMT, extending gains from
the previous session.
The most-traded April copper contract on the Shanghai
Futures Exchange advanced 1.5% to 69,730 yuan
($10,060.16) a tonne.
China's manufacturing activity expanded more than expected
in February and marked the fastest pace since April 2012,
official data showed, as consumer sentiment gathered momentum on
easing of the country's COVID-19 restrictions.
The dollar began the month on a strong footing as a
higher-for-longer U.S. rates scenario took centre stage, having
recorded its first monthly gain since September.
A stronger dollar makes the greenback-priced metal more
expensive to buyers holding other currencies.
Meanwhile, concerns about global supply eased. The
Panamanian government and Canada's First Quantum are nearing an
agreement on their negotiations over the contract to operate a
major copper mine, Ebrahim Asvat, a lawyer advising the
government on the negotiations told Reuters on Tuesday.
LME aluminium eased 0.2% to $2,368.50 a tonne, tin was down 0.4% at $24,870 a tonne and lead declined 0.2% to $2,099.50 a tonne, while zinc gained
0.9% to $3,026 a tonne.
The London Metal Exchange said on Tuesday it had suspended
the inflow of Russian base metals into its U.S.-registered
warehouses due to the planned imposition of tariffs on Russian
metal by the United States.
SHFE nickel fell 3% to 192,160 yuan a tonne, tin lost 2.9% to 203,530 yuan a tonne and aluminium shed 0.3% to 18,420 yuan a tonne, while zinc advanced
0.4% to 23,230 yuan a tonne.
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(Reporting by Siyi Liu and Dominique Patton; Editing by
Subhranshu Sahu)
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