BEIJING: Copper prices kick started April higher on Monday, as positive industrial data posted by China bolstered demand outlook from the world’s top metal consumer.
The most-traded May copper contract on the Shanghai Futures Exchange was up 0.7% to 72,850 yuan per ton by 0146 GMT, having notched 5.4% in March, its biggest monthly gain in 16 months.
The London Metal Exchange (LME) is closed on Monday for the Easter Monday holiday. China’s manufacturing activity expanded for the first time in six months in March, an official factory survey showed on Sunday.
Though the pace of growth was modest, it was also the highest PMI reading since March of last year, when momentum from the lifting of tough COVID-19 restrictions began to stall.
Copper slips on demand worries, lead drops as inventories jump
Investors also eyed the Federal Reserve to cut interest rates in June after data showed easing US prices.
The dollar index was broadly steady on Monday.
SHFE aluminium gained 0.4% at 19,690 yuan a ton, while nickel lost 0.9% to 129,300 yuan, zinc steadied at 20,890 yuan, lead declined 0.7% to 16,610 yuan, and tin was down 0.4% to 225,190 yuan.
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