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
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.
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($1 = 7.1411 Chinese yuan renminbi)
(Reporting by Beijing Newsroom; Editing by Subhranshu Sahu,
Dhanya Ann Thoppil, and Uttaresh.V)