2023-06-01 02:45:17
The price of copper rose on Thursday as China, the biggest consumer, saw surprising growth in its industrial activities, which boosted sentiment and hopes for an improvement in demand for the metals.
Three-month copper on the London Metal Exchange rose 1% to $8,165.50 a tonne at 0222 GMT, while the most traded July copper contract on the Shanghai Futures Exchange rose 1.2% at 65,560 yuan ($9,484.82) per ton.
Chinese factory activity shifted from decline to growth in May, a private sector survey shows, boosted by improved production and demand, helping struggling businesses that have been hit by falling profits.
A weaker dollar, driven by expectations that the US Federal Reserve will not raise interest rates this month, also helped make metals correlated to the greenback cheaper for holders of other currencies.
LME Nickel rose 1.1% to $20,800 a ton, Zinc rose 1.5% to $2,281.50 a ton, Lead rose 0.7% to $2,281.50 a ton. $026 per ton, while tin fell 0.2% to $25,410 per ton and aluminum was virtually unchanged at $2,245 per ton.
SHFE aluminum rose 1.1% to 18,130 yuan per ton, zinc rose 0.2% to 191,90 yuan per ton, tin rose 0.2% to 207,800 yuan per ton. ton, while nickel fell 0.9% to 158,640 yuan a ton and lead fell 0.6% to 15,115 yuan a ton.
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DATA/EVENTS (GMT)
0600 UK Nationwide house price MM, YY May
0750 France S&P Global Mfg PMI Mai
0755 Germany HCOB Mfg PMI May
0800 UE HCOB Mfg PMI Final Mai
0830 United Kingdom S&P GLBL/CIPS Mfg PMI FNL May
0900 UE IPCH Flash YY Mai
0900 IPCH-X, F, E, A&T Flash YY, MM de l’UE Mai
0900 EU Unemployment rate April
1230 US Initial Jobless Clm Hebdomadaire
1345 US S&P Global Mfg PMI Final Mai
1400 US ISM Manufacturing PMI May
($1 = 6.9121 yuan) (Reporting by Mai Nguyen in Hanoi; Writing by Shailesh Kuber)
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