BEIJING: Copper prices rose on Tuesday, supported by improving demand outlook from top consumer China and looming concerns of raw material supplies.
Three-month copper on the London Metal Exchange was up 1.1% to $8,964 per metric ton by 0128 GMT, resuming trading after a long weekend and Easter holiday.
The most-traded May copper contract on the Shanghai Futures Exchange added 0.4% to 73,140 yuan ($10,115.48) per metric ton, not far from an all-time high of 73,530 yuan touched on March 22.
Shanghai copper recorded its best daily gain in two weeks on Monday after an official survey showed China’s manufacturing activity expanded for the first time in six months in March.
Although trading was subdued because of the holiday, sentiment improved with fears of further supply tightness of copper concentrate, ANZ analysts noted.
Elsewhere, LME aluminium nudged 0.1% higher to $2,339 per ton, nickel gained 1.4% to $16,985, zinc was up 0.9% to $2,461.50 per ton, tin added 1.6% to $27,880, while lead lost 1% to $2,035.50.
Copper slips on demand worries, lead drops as inventories jump
Stronger-than-expected US manufacturing data on Monday pushed Treasury yields higher and led investor worries over the timing of interest rate cuts by the Federal Reserve.
SHFE aluminium steadied at 19,725 yuan a ton, zinc was 0.7% higher at 21,060 yuan, nickel rose 2.3% to 133,020 yuan, and tin climbed 1.2% to 228,450 yuan, while lead declined 0.8% to 16,465 yuan.
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