London copper rises on China, US data
June 3 (Reuters) -London copper rose on Monday, as a private sector survey showed strong factory activity in top consumer China, and stabilising inflation in the United States suggested the Federal Reserve's interest rate cut plans later this year remained intact.
Three-month copper on the London Metal Exchange CMCU3 rose 1.1% to $10,152.50 per metric ton by 0232 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange SCFcv1 eased 0.2% to 82,100 yuan ($11,332.42) a ton.
China's manufacturing activity in May grew at the fastest pace in about two years with strong production and new orders across smaller, export-oriented firms, a private sector survey showed, contrasting a surprise fall in the broader official purchasing managers' index.
The manufacturing sector consumes a large amount of metals.
A softer dollar also made greenback-priced metals cheaper to holders of other currencies.
Data released last week showed that U.S inflation stabilised in April, keeping the door open for the Fed to cut rates later in the year.
The discount to import copper into China tightened to $10 a ton on Friday, from $20 on May 22, indicating some improvement in physical demand. However, overall consumption remained tepid due to high and volatile prices. SMM-CUYP-CN
LME aluminium CMAL3 rose 0.4% to $2,662 a ton, nickel CMNI3 climbed 1.1% to $19,920, zinc CMZN3 advanced 0.7% to $2,990, lead CMPB3 increased 0.6% to $2,286.50, while tin CMSN3 fell 0.2% to $32,975.
SHFE aluminium SAFcv1 dropped 1% to 21,225 yuan a ton, nickel SNIcv1 eased 0.6% to 149,560 yuan, zinc SZNcv1 declined 1.4% to 24,430 yuan, tin SSNcv1 decreased 0.9% to 271,330 yuan, while lead SPBcv1 rose 0.6% to 18,870 yuan.
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TOP/MTL or MET/L
DATA/EVENTS (GMT)
0750 France HCOB Manufacturing PMI
0755 Germany HCOB Manufacturing PMI
0800 EU HCOB Mfg Final PMI
0830 UK S&P Global Manufacturing PMI
1345 US S&P Global Mfg PMI Final
1400 US ISM Manufacturing PMI
($1 = 7.2447 yuan)
Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu
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