The Caixin/S&P Global manufacturing purchasing managers' index (PMI) for China fell to 50.0 in March, amid slowing production and weaker global demand.
However, support for copper comes from falling stocks in LME registered warehouses, which at 63,850 tonnes have dropped more than 15% over the past two weeks . Cancelled warrants at around 29% of the total suggest another 18,500 tonnes of copper is due to leave the LME system. Concern about copper supplies on the LME system can be seen in the recent premium for the cash over the three-month . Elsewhere, aluminium prices hit a one-month high of $2,434 a tonne due to worries that higher oil prices could translate into higher prices of electricity, a key component of the aluminium production process. Traders say aluminium's price moves could be limited on the upside at around $2,435 where the 100-day moving average currently sits, while support is at the 200-day moving average around $2,390. By 1613 GMT, however, three-month aluminium was down 1% at that support level of $2,390 a tonne. In other metals, zinc slipped 1.2% to $2,886.50 a tonne, lead gained 0.4% to $2,115, tin rose 0.1% to $25,850 and nickel was down 2.1% at $23,340.
(Reporting by Pratima Desai; additional reporting by Peter Hobson; editing by Kirsten Donovan, Jason Neely and Richard Chang)
LME price overview COMEX copper futures All metals news All commodities news Foreign exchange rates SPEED GUIDES ))
