Copper prices rose on Thursday as top consumer China posted a surprising growth in factory activities, boosting sentiment and hope for better demand for metals.
Three-month copper on the London Metal Exchange advanced 1% to $8,165.50 a tonne by 0222 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange increased 1.2% to 65,560 yuan ($9,484.82) a tonne.
China’s factory activity unexpectedly swung to growth in May from decline, a private sector survey showed, driven by improved production and demand, helping struggling firms that have been hit by slumping profits.
A weaker dollar, pressured by expectations that the US Federal Reserve will not raise interest rates this month, also helped make greenback-priced metals cheaper to holders of other currencies.
LME nickel rose 1.1% to $20,800 a tonne, zinc increased 1.5% to $2,281.50 a tonne, lead was up 0.7% at $2,026 a tonne, while tin eased 0.2% to $25,410 a tonne and aluminium was almost unchanged at $2,245 a tonne.
Copper heads for second monthly drop on dismal China data
SHFE aluminium rose 1.1% to 18,130 yuan a tonne, zinc increased 0.2% to 191,90 yuan a tonne, tin advanced 0.2% to 207,800 yuan a tonne, while nickel fell 0.9% to 158,640 yuan a tonne and lead fell 0.6% to 15,115 yuan a tonne.
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