Sept 2 (Reuters) - Copper prices rose across major
exchanges on Tuesday, supported by robust Chinese demand, even
as trade war worries and a firmer dollar weighed on broader
sentiment.
Three-month copper on the London Metal Exchange was
up 0.44% at $9,927 per metric ton, as of 0214 GMT, while the
most-traded copper contract on the Shanghai Futures Exchange
gained 0.25% to 79,910 yuan ($11,171.69) a ton.
Despite concerns that the trade war would weigh on copper
consumption, as well as expectations of falling prices after the
U.S. refrained from imposing import tariffs on refined metal,
copper demand has proven resilient, supported by strong activity
in China, said analysts from ANZ.
Analysts from ING noted that the upcoming U.S. jobs report
this Friday will be the focus for the market, with expectations
of a weakening labour market reinforcing the case for potential
rate cuts.
Broadly, a private PMI survey showed that China's factory
activity in August expanded at the quickest pace in five months
on the back of rising new orders.
Still, the dollar index, which measures the U.S.
currency against six major peers, was last up 0.1% at 97.709.
A firmer dollar makes greenback-denominated assets less
affordable to holders of other currencies.
Among other London metals, aluminium climbed 0.42%
to $2,622 a ton, and zinc rose 0.42% to $2,844.5, while
nickel dipped 0.09% to $15,425, lead fell 0.17%
to $2,000, and tin eased 0.16% to $34,895.
SHFE aluminium rose 0.22% to 20,715 yuan, nickel
gained 0.23% to 123,050 yuan, lead edged 0.03%
higher to 16,845 yuan, tin strengthened 0.02% to
273,820 yuan, and zinc climbed 0.11% to 22,220 yuan.
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DATA/EVENTS (GMT)
1345 US S&P Global Mfg PMI SA August
1400 US ISM Manufacturing PMI August
($1 = 7.1529 yuan)