Copper falls as Chinese factory activity slows
- Three-month copper on the London Metal Exchange fell 0.7% to $9,451 a tonne
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 fell 0.7% to $9,451 a tonne by 0337 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange 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.
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.
FUNDAMENTALS
LME nickel rose 0.2% to $19,580 a tonne and ShFE nickel increased 0.5% to 149,010 yuan a tonne.
LME aluminium dipped 0.1% to $2,715.50 a tonne, tin declined 0.5% to $33,730 yuan a tonne, while lead rose 0.2% to $2,261.50 a tonne.
ShFE aluminium was down 0.9% to 21,140 yuan a tonne, lead fell 0.9% to 14,935 yuan a tonne and zinc decreased 0.6% to 22,280 yuan a tonne.
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