Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Copper struggles to find momentum as China data weighs

11/29/2022 | 11:56pm EST

BEIJING, Nov 30 (Reuters) - Copper prices lost momentum on Wednesday as a seven-month low reading in China's economic data weakened sentiment, though a weaker U.S. dollar lent some support.

Three-month copper on the London Metal Exchange was up 0.2% at $8,053 a tonne by 0737 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange slipped 0.3% to 64,680 yuan ($9,057.43) a tonne.

China's official manufacturing purchasing managers' index (PMI) stood at 48.0, the lowest reading in seven months, against 49.2 in October, according to data from the National Bureau of Statistics (NBS). Economists in a Reuters poll had predicted it to come in at 49.0.

"The weaker than expected data somehow curbed previous upbeat sentiment," a Shanghai-based futures trader said.

Copper prices rallied in the previous session, buoyed by hopes of Beijing loosening its COVID-19 policy after it extended support to the embattled property sector.

"The disappointing PMIs inform us that the incoming reopening process could be slow, painful and bumpy," said Ting Lu, Chief China Economist at Nomura.

Nomura expects the official manufacturing PMI to remain weak at 48.0 in December.

Globally, investors are awaiting Federal Reserve Chair Jerome Powell's speech for insights into the U.S. central bank's monetary policy path.

The dollar index has fallen from a 20-year high hit on Sept. 28, supporting metals prices as it becomes cheaper for non-dollar holders to buy the greenback-priced commodities.

Meanwhile, a trucker strike in Chile that started last week ended on Tuesday after trucker groups signed an agreement with business organisations and the government to improve conditions.

Among other metals, aluminium edged 0.1% up at $2,381.5 a tonne, zinc added 0.1% to $2,937 a tonne, lead climbed 0.3% to $2,141 a tonne, while tin slid 0.4% to $22,700 a tonne.

SHFE aluminium fell 0.8% to 18,795 yuan a tonne, nickel jumped 3.4% to 200,190 yuan a tonne, zinc was down 0.4% at 23,845 yuan a tonne, and tin slid 0.2% to 184,320 yuan a tonne.

For the top stories in metals and other news, click or ($1 = 7.1411 Chinese yuan renminbi) (Reporting by Beijing Newsroom; Editing by Subhranshu Sahu, Dhanya Ann Thoppil, and Uttaresh.V)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) -0.22% 1.23234 Delayed Quote.2.52%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.55% 0.7429 Delayed Quote.1.78%
DOW JONES FXCM DOLLAR INDEX 0.17% 12731 Real-time Quote.-1.05%
EURO / US DOLLAR (EUR/USD) -0.14% 1.08355 Delayed Quote.1.57%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.57% 0.012207 Delayed Quote.1.48%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.59% 0.6428 Delayed Quote.2.22%
NOMURA CO., LTD. 1.64% 932 Delayed Quote.-4.58%
NOMURA CORPORATION 0.96% 1056 Delayed Quote.2.75%
S&P GSCI ALUMINUM INDEX -0.64% 162.4808 Real-time Quote.10.57%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.11% 6.76118 Delayed Quote.-2.41%
Latest news "Economy"
07:28aU.S. opens safety probe into 1.8 million Ford Explorer SUVs
RE
07:27aIndia's Adani says to keep investing in Israel after Haifa port takeover
RE
07:26aAnalysis-Italy promotes short-term job market, shunning Spain's example
RE
07:26aUK January Grocery-Price Inflation Hits Record High
DJ
07:22aBritain says it's not practical to send Ukraine fighter jets
RE
07:22aU.S. Consumer Spending Starts to Sputter; Labor -2-
DJ
07:22aU.S. Consumer Spending Starts to Sputter; Labor Report to Give Fed Look at Whether Rate Increases Are Cooling Rapid Wage Growth
DJ
07:20aAnalysis-Company profits in focus in CEE inflation fight
RE
07:18aIndian Hotels Q3 profit beat on robust travel demand
RE
07:16aSterling slips ahead of BoE meeting, IMF cuts UK growth forecast
RE
Latest news "Economy"