2024-04-03 01:59:48
Copper rose on Wednesday on upbeat demand prospects sparked by positive manufacturing data from major economies, while supply concerns also supported prices.
Three-month copper on the London Metal Exchange was up 0.3% at $9,018.50 per metric ton at 0142 GMT.
The most-traded May copper contract on the Shanghai Futures Exchange rose 0.5% to 73,490 yuan ($10,159.53) a tonne, up for a fifth straight session.
China’s manufacturing activity increased for the first time in six months in March, an official survey showed last week.
Manufacturing activity also expanded at the fastest pace in 13 months, with business confidence rising to its highest level in 11 months, thanks to increased new orders from domestic and foreign customers, according to a private survey.
This development was helped by an unexpected increase in industrial activity in the United States, ANZ analysts noted.
The market was also supported by copper concentrate shortages which prompted Chinese smelters to plan to cut production.
SHFE will be closed Thursday and Friday for the Qingming holiday.
Elsewhere, LME aluminum fell 0.3% to $2,372 a tonne, nickel gained 0.2% to $17,070, zinc rose 0.3% to $2,488, lead rose 0.3% to $2,025.50, while tin fell 0.4% to $27,800.
SHFE aluminum rose 0.8% to 19,900 yuan per tonne, zinc 0.8% to 21,235 yuan, nickel 1.1% to 133,780 yuan, tin 0.3 % at 227,130 yuan and lead at 16,455 yuan.
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($1 = 7.2336 Chinese yuan renminbi) (Reporting by Siyi Liu and Andrew Hayley; Editing by Rashmi Aich)
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