Aug 1 (Reuters) – Copper costs in London fell on Monday after disappointing factory information from high shopper China reaffirmed weak demand outlook that has been pressuring the metals market.
Three-month copper on the London Metal Exchange CMCU3 fell 0.3% to $7,895 a tonne by 0139 GMT, retreating from a three-week excessive hit within the earlier session.
LME aluminium CMAL3 declined 1.8% to $2,444.50 a tonne, zinc CMZN3 shed 1.2% to $3,270.50 a tonne and lead CMPB3 eased 0.2% to $2,031 a tonne.
China’s factory activity contracted unexpectedly in July after bouncing again from COVID-19 lockdowns the month earlier than, as contemporary virus flare-ups and a darkening world outlook weighed on demand, a survey confirmed.
But falling copper output by miners lent costs some assist.
Codelco, the world’s largest copper producer, mentioned it produced 736,000 tonnes of copper between January and June, a 7.5% fall versus the primary half of 2021.
Miner and dealer Glencore GLEN.L reduce its full-year copper steerage, partly because of diminished manufacturing from its Katanga mine within the Democratic Republic of Congo on geotechnical issues.
The most-traded September copper contract on the Shanghai Futures Exchange SCFcv1 rose 1.8% to 60,760 yuan ($9,006.02) a tonne, monitoring the earlier session’s beneficial properties in London.
ShFE aluminium SAFcv1 fell 1.9% to 18,320 yuan a tonne. Nickel SNIcv1 jumped 6.7% to 180,350 yuan a tonne and tin SSNcv1 rose 4.4% to 200,530 yuan a tonne.
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TOP/MTL or MET/L DATA/EVENTS (GMT)
0500 India S&P Global Mfg PMI July
0750 France S&P Global Mfg PMI July
0755 Germany S&P Global/BME Mfg PMI July
0800 EU S&P Global Mfg Final PMI July
0830 UK S&P GLBL/CIPS Mfg PMI July
0900 EU Unemployment Rate June
1345 US S&P Global Mfg PMI Final July
1400 US ISM Manufacturing PMI July
($1 = 6.7466 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
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