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METALS-Copper falls as Chinese factory activity slows

reuters.com · 08/31/2021 23:56
METALS-Copper falls as Chinese factory activity slows

- Copper prices fell on Monday as concerns of weak demand from top consumer China were stoked by the country's disappointing factory data.

Three-month copper on the London Metal Exchange CMCU3 fell 0.7% to $9,451 a tonne by 0337 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 declined 0.9% to 69,550 yuan ($10,761.26) a tonne.

China's factory activity slipped into contraction in August for the first time in nearly 1-1/2 years as COVID-19 containment measures, supply bottlenecks and high raw material prices weighed on output. nZUN0037RQ

Copper is widely used in manufacturing and China accounts for around half of global copper consumption.

Manufacturing activity in August in other Asian major economies of Japan, South Korea and Taiwan also expanded at a slower rate on chip shortages and factory shutdowns. nL4N2Q30DT


* LME nickel CMNI3 rose 0.2% to $19,580 a tonne and ShFE nickel SNIcv1 increased 0.5% to 149,010 yuan a tonne.

* LME aluminium CMAL3 dipped 0.1% to $2,715.50 a tonne, tin CMSN3 declined 0.5% to $33,730 yuan a tonne, while lead CMPB3 rose 0.2% to $2,261.50 a tonne.

* ShFE aluminium SAFcv1 was down 0.9% to 21,140 yuan a tonne, lead SPBcv1 fell 0.9% to 14,935 yuan a tonne and zinc SZNcv1 decreased 0.6% to 22,280 yuan a tonne.

* For top stories in metals and other news, click TOP/MTL or MET/L


* Asian shares gave up some of their recent gains in cautious trading while the dollar inched back from three-week lows. MKTS/GLOB


0600 UK Nationwide house price MM, YY Aug

0750 France Markit Mfg PMI Aug

0755 Germany Markit/BME Mfg PMI Aug

0800 EU Markit Mfg Final PMI Aug

0830 UK Markit/CIPS Mfg PMI Final Aug

0900 EU Unemployment Rate July

1345 US Markit Mfg PMI Final Aug

1400 US ISM Manufacturing PMI Aug

($1 = 6.4630 yuan)

(Reporting by Mai Nguyen in Hanoi; editing by Uttaresh.V)

((mai.nguyen@thomsonreuters.com; +842438259623; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))

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