financetom
World
financetom
/
World
/
METALS-Copper set for monthly increase but weak China demand cap gains
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
METALS-Copper set for monthly increase but weak China demand cap gains
May 30, 2024 10:53 PM

(Recasts, updates prices)

BEIJING, May 31 (Reuters) - Copper prices were under

pressure on Friday after dissapointing Chinese manufacturing

data, while the market was set for a moderate monthly rise on

speculative buying earlier this month.

Three-month copper on the London Metal Exchange

little moved at $10,133 per metric ton by 0504 GMT, while the

most-traded July copper contract on the Shanghai Futures

Exchange fell 2.2% to 81,970 yuan ($11,319.95) a ton.

China's manufacturing activity unexpectedly fell in May, an

official factory survey showed.

The official purchasing managers' index (PMI) fell to 49.5

in May from 50.4 in April, below the 50-mark separating growth

from contraction and missing a median forecast of 50.4 in a

Reuters poll.

That weighed further on demand outlook from the world's top

metals consumer, China, where recent consumption already slumped

due to recent price rally.

A speculative frenzy into copper boosted price to record

highs on May 20, before starting to trend down amid profit

taking and worries over U.S. interest rate prospect.

Investors are waiting for inflation reports from Europe and

the U.S. due later in the day for more clues on global interest

rate path.

So far, LME copper registered a monthly gain of 1.4% and was

up 18% this year.

Copper may break back below $10,000 per ton as profit taking

accelerated, ANZ research analysts noted.

Some other analysts believe the metal is set for further

increases given a widening supply deficit of raw material and

rising demand.

LME aluminium shed 0.5% to $2,690 a ton, nickel

added 0.5% to $20,165, tin moved 0.3% higher to

$33,200, and lead nudged 0.1% higher to $2,279.50, while

zinc slid 1.2% at $3,034.

SHFE aluminium fell 1.6% to 21,385 yuan a ton, tin

was down 2.1% at 272,760 yuan, nickel lost 2%

to 150,580 yuan, zinc lost 1.7% to 24,680 yuan and lead

was 0.9% lower to 18,730 yuan.

For the top stories in metals and other news, click

or

($1 = 7.2412 Chinese yuan)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
CANADA STOCKS-TSX gains on tech boost from Meta, Microsoft
CANADA STOCKS-TSX gains on tech boost from Meta, Microsoft
May 25, 2025
(Updates with morning prices) By Sanchayaita Roy May 1 (Reuters) - Canada's main stock index edged higher in choppy trading on Thursday, as investors cheered strong quarterly results of technology giant Microsoft ( MSFT ) and Meta amid an uncertain economic environment. Toronto Stock Exchange's S&P/TSX composite index mirrored gains in Wall Street peers, inching 0.13% higher to 24,874.59 points....
Earnings, Data in Focus as US Equity Futures Rise Pre-Bell
Earnings, Data in Focus as US Equity Futures Rise Pre-Bell
May 25, 2025
09:01 AM EDT, 05/01/2025 (MT Newswires) -- US equity futures rose ahead of Thursday's opening bell as traders digested economic data and awaited earnings from technology majors Apple ( AAPL ) and Amazon ( AMZN ) . Dow Jones Industrial Average futures gained 0.6%, S&P 500 futures increased 1.1%, and Nasdaq futures were up 1.6%. Oil prices were lower, with...
PRECIOUS-Gold slips to 2-week low on trade talk hopes, China holiday
PRECIOUS-Gold slips to 2-week low on trade talk hopes, China holiday
May 25, 2025
* Trump says 'potential deals' with India, South Korea, Japan possible * US economy shrinks in first quarter of fiscal 2025 * US nonfarm payroll report due on Friday (Updates With U.S. morning hours) By Anjana Anil May 1 (Reuters) - Gold dipped to a two-week low on Thursday, pressured by signals of softening trade tensions and a holiday in...
Asian Equities Traded in the US as American Depositary Receipts Rise in Thursday Trading
Asian Equities Traded in the US as American Depositary Receipts Rise in Thursday Trading
May 25, 2025
10:41 AM EDT, 05/01/2025 (MT Newswires) -- Asian equities traded in the US as American depositary receipts were higher Thursday morning, rising 0.49% to 2,136.08 on the S&P Asia 50 ADR Index. From North Asia, the gainers were led by ecommerce fashion platform MOGU ( MOGU ) and brand platform 36Kr (KRKR), which climbed 14% and 8.3%, respectively. They were...
Copyright 2023-2026 - www.financetom.com All Rights Reserved