Three-month copper on the London Metal Exchange was
up 0.5% at $8,543.50 a tonne by 0322 GMT as the dollar slipped,
making greenback-priced metals cheaper to holders of other
currencies. But the contract was down 0.7% on a weekly basis.
The most-traded June copper contract on the Shanghai Futures
Exchange fell 0.6% to 66,570 yuan ($9,635.40) a tonne
and was down 0.4% on a weekly basis, on track for its third
straight weekly decline.
China's factory activity unexpectedly contracted in April as
orders fell and poor domestic demand dragged on the sprawling
manufacturing sector, a major consumer of metals, while copper
scrap supply in China is improving, analysts said.
Still, prices were cushioned by a softer dollar as traders
priced in more aggressive rate cuts from the U.S. Federal
Reserve.
LME aluminium edged up 0.2% at $2,291.50 a tonne,
tin climbed 1% to $25,860 a tonne, zinc advanced
0.6% to $2,639 a tonne, lead increased 0.8% to $2,119 a
tonne, while nickel eased 0.1% to $23,965 a tonne.
SHFE aluminium fell 0.9% to 18,280 yuan a tonne,
nickel dropped 2.4% to 182,680 yuan a tonne, lead decreased 0.3% to 15,315 yuan a tonne, tin fell 1.2% to 207,210 yuan a tonne while zinc rose 0.5%
to 21,250 yuan a tonne.
For the top stories in metals and other news, click or DATA/EVENTS (GMT)
0600 Germany Industrial Orders MM March
0600 Germany Manufacturing O/P Cur Price SA March
0600 Germany Consumer Goods SA March
0830 UK All-Sector PMI April
1230 US Non-Farm Payrolls April
1230 US Unemployment Rate April
($1 = 6.9089 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Sherry
Jacob-Phillips)
LME price overview COMEX copper futures All metals news All commodities news Foreign exchange rates SPEED GUIDES ))
