April 1 (Reuters) – Copper prices slipped on Friday after data showed that factory activity in top metals consumer China slumped at the fastest pace in two years last month, hit by a COVID-19 resurgence and related restrictions.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange CMCU3 dropped 0.2% to $10,357 a tonne by 0159 GMT, after two days of gains.
* The most-traded May copper contract on the Shanghai Futures Exchange SCFcv1 was down 0.1% at 73,500 yuan ($11,581.92) a tonne.
* Most Asian factories saw activity slow in March, as slumping Chinese demand and rising raw material costs blamed on the Ukraine crisis added strains to firms already suffering from lingering supply chain disruptions.
* Shanghai is set to expand COVID curbs on Friday to include the western half of the city and extend restrictions in the east where people have already been forced to stay home since Monday.
* Copper output in Chile, the world’s largest producer of the metal, fell 7% year-on-year to 399,817 tonnes in February.
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TOP/MTL or MET/L MARKETS NEWS
* Asian shares fell on Friday following the biggest quarterly drop in global equities in two years, as investors worried about the impact of the Russian-Ukrainian war and rising risks of recession. MKTS/GLOB
DATA/EVENTS (GMT)
0145 China Caixin Mfg PMI Final March
0750 France S&P Global Mfg PMI March
0755 Germany S&P Global/BME Mfg PMI March
0800 EU S&P Global Mfg FInal PMI March
0830 UK S&P Global/CIPS Mfg PMI March
0900 EU HICP Flash YY March
1230 US Average Earnings YY March
1230 US Unemployment Rate March
1230 US Non-Farm Payrolls March
1345 US S&P Global Mfg PMI Final March
1400 US ISM Manufacturing PMI March
PRICES Three month LME copper CMCU3
Most active ShFE copper SCFcv1
Three month LME aluminium CMAL3
Most active ShFE aluminium SAFcv1
Three month LME zinc CMZN3
Most active ShFE zinc SZNcv1
Three month LME lead CMPB3
Most active ShFE lead SPBcv1
Three month LME nickel CMNI3
Most active ShFE nickel SNIcv1
Three month LME tin CMSN3 Most active ShFE tin SSNcv1
ARBS
LMESHFCUc3
LMESHFALc3
LMESHFZNc3
LMESHFPBc3
LMESHFNIc3
($1 = 6.3461 Chinese yuan)
(Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
