(Adds analyst comment, updates prices, changes dateline)
By Eric Onstad
LONDON, April 1 (Reuters) - Copper prices rose on
Tuesday after four sessions of losses, buoyed by continued
positive data from top metals consumer China, but uncertainty
around U.S. tariffs capped gains.
Benchmark three-month copper on the London Metal
Exchange (LME) added 0.4% to $9,745 per metric ton by 0930 GMT,
rebounding from a level that was its weakest in more than two
weeks touched in the previous session.
Two separate surveys on Monday and Tuesday showed China's
manufacturing sector was expanding more than expected, running
against a tide of weaker activity elsewhere in Asia.
The private sector Caixin/S&P Global manufacturing PMI on
Tuesday showed activity in the world's second-largest economy
picking up, as factories rushed to get goods to customers before
U.S. tariffs took effect.
A day earlier, an official PMI showed manufacturing activity
growing at its quickest rate in a year.
"The PMI data is definitely quite supportive, adding to the
strong momentum coming from China," said Nitesh Shah, commodity
strategist at WisdomTree.
"I do think that China will continue to try to lean against
the wind and provide stimulus for its domestic economy to propel
domestic growth to counteract the loss of potential exports."
Holding back the market, however, was concern about
reciprocal tariffs U.S. President Donald Trump plans to
introduce this week, which he said on Sunday will apply to all
nations.
Copper prices also found support from a shortage of copper
concentrate, which has resulted in negative copper concentrate
processing treatment and refining charges (TC/RCs).
TC/RCs, a key source of revenue for smelters, are a gauge of
availability for copper concentrates. Lower TC/RCs imply tight
supply.
LME tin added 0.3% to $36,745 ton, close to its
strongest since June 2022 hit on Monday due to fears of supply
disruptions from an earthquake in tin-rich Myanmar last Friday.
Among other metals, LME aluminium slipped 0.6% to
$2,519 a ton, zinc eased 0.4% to $2,842, lead lost 0.3%
to $2,007 while nickel gained 1.1% to $16,100.