METALS-Copper dips weighed by China factory activity slowing in January - Reuters

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By Reuters Staff

2 Min Read

HANOI, Feb 1 (Reuters) - Copper prices edged lower on Monday pressured by demand worries after data showed easing manufacturing activity in top consumer China.

In January, China’s factory activity grew at the slowest pace in months hit by a wave of domestic coronavirus infections and falling export orders amid a surging global pandemic and rising costs, surveys showed.

Three-month copper on the London Metal Exchange fell 0.1% to $7,849 a tonne by 0237 GMT and the most-traded March copper contract on the Shanghai Futures Exchange declined 0.1% at 57,870 yuan ($8,961.39) a tonne.

FUNDAMENTALS

* Premiums for imports of copper into China have jumped to their highest in more than five months, as rising waves cause disruption to shipments from top producer Chile.

* LME aluminium rose 0.6% to $1,988.50 a tonne, nickel advanced 0.7% to $17,815 a tonne and zinc advanced increased 0.8% to $2,600.50 a tonne.

* ShFE aluminium jumped 1.7% to 15,180 yuan a tonne, while tin dropped 2.6% to 168,540 yuan a tonne after ShFE tin inventories SSN-TOTAL-W surged 22.1% last week.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares tried to rally as Wall Street continued to struggle with doubts about vaccine rollouts and economic recovery, while silver surged as newly empowered retail investors turned speculative eyes to precious metals.

0500 India HIS Markit Mfg PMI Jan

0600 Russia Markit Mfg PMI Jan

0745 France Reserve Assets Total Jan

0845 France Markit/IHS Mfg PMI Jan

0850 France Markit Mfg PMI Jan

0855 Germany Markit/BME Mfg PMI Jan

0900 EU Markit Mfg Final PMI Jan

0930 UK Markit/CIPS Mfg PMI Final Jan

1000 EU Unemployment Rate Dec

1300 Brazil Markit Mfg PMI Jan

1445 US Markit Mfg PMI Final Jan

1500 US ISM Manufacturing PMI Jan

$1 = 6.4577 yuan Reporting by Mai Nguyen; Editing by Amy Caren Daniel

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