BEIJING, May 31 (Reuters) - Copper prices climbed on
Friday, while heading for a moderate monthly rise as profit
taking and physical demand weakness in top consumer China capped
gains.
Three-month copper on the London Metal Exchange
rebounced 0.6% to $10,191 per metric ton by 0208 GMT, it has
lost 1.2% this week as profit taking accelerated.
A speculation frenzy pushed up copper to record highs on May
20, followed by profit taking and also worries over U.S.
interest rate prospect.
So far, the contract registered a monthly gain of 2%.
The most-traded July copper contract on the Shanghai Futures
Exchange fell 1.6% to 82,490 yuan ($11,396.16) a ton.
Although copper is expected to benefit from a growing supply
deficit of raw material and rising demand, the recent rally has
hit actual consumption.
Meanwhile, China's manufacturing activity unexpectedly fell
in May, an official factory survey showed on Friday.
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.
LME aluminium gained 0.3% to $2,711.50 a ton, nickel
added 0.9% to $20,240, zinc little moved at
$3,070, tin moved 0.7% higher to $33,330, and lead
rose 0.5% to $2,287.50.
SHFE aluminium fell 1.3% to 21,465 yuan a ton, tin
was down 1.4% at 274,840 yuan, nickel lost
1.8% to 150,920 yuan, zinc shed 1.2% to 24,800 yuan and
lead nudged 0.3% lower to 18,830 yuan.
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DATA/EVENTS (GMT)
0130 China NBS Manufacturing PMI May
0600 UK Nationwide House Price MM, YY May
0645 France GDP QQ Final Q1
0645 France CPI (EU Norm) Prelim MM, YY May
0645 France CPI Prelim MM, YY NSA May
0645 France Producer Prices YY April
0900 EU HICP Flash YY May
0900 EU HICP-X F, E, A&T Flash MM, YY May
1230 US Consumption, Adjusted MM April
1230 US Core PCE Price Index MM, YY April
1230 US PCE Price Index MM, YY April
($1 = 7.2384 Chinese yuan renminbi)