SINGAPORE: London copper and aluminium edged higher on Thursday, recouping some of the previous session's deep losses although concerns over economic growth in top consumer China kept a lid on prices.
China's economic growth could fall below 6.5 percent in the fourth quarter as companies face increased difficulties, a central bank magazine said on Wednesday.
U.S. stock futures fell on Thursday after a rare revenue warning from Apple Inc added to worries about slowing global growth, but a move by China's central bank to help struggling smaller firms lifted shares there, cushioning losses for Asian markets.
COPPER: Three-month copper on the London Metal Exchange rose 0.5 percent to $5,873 a tonne by 0353 GMT, having slid more than 2 percent in the last session. The most-traded copper contract on the Shanghai Futures Exchange fell 1.3 percent to 47,300 yuan ($6,880.00) a tonne.
FACTORY ACTIVITY: China's factory activity contracted for the first time in 19 months in December as domestic and export orders weakened further, a private survey showed.
PMI: The Caixin/Markit Manufacturing Purchasing Managers' Index for December fell to 49.7 from 50.2 in November, marking the first contraction since May 2017. Manufacturing is a key source of jobs in China's economy.
CONSUMPTION: China accounts for half of global copper consumption estimated at about 24 million tonnes this year.
ALUMINIUM: Aluminium gained 0.1 percent to $1,799 a tonne, having dropped 2.7 percent on Wednesday when prices hit a one-year low at $1,786 on concern about oversupply.
DEAL: Rio Tinto and Mongolia have signed a deal for the supply of power to the miner's giant copper mine extension at Oyu Tolgoi by mid-2023, with both sides saying the framework agreement marked a step forward after a protracted dispute.
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