London copper edges up after sell-offs, global demand concerns weigh
BEIJING, Aug 5 (Reuters) -Prices of copper and other metals in London edged up on Monday as previous price falls triggered some buying opportunity, while looming concerns over global economies weighed on sentiment, capping further gains.
Three-month copper on the London Metal Exchange CMCU3 climbed 0.2% to $9,074 per metric ton by 0135 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange SCFcv1 slid 1.3% to 73,000 yuan ($10,195.53) a ton.
Bullish factors previously such as strong China demand and smelters' output cut faded but investors still buy the dip given the long-term optimism towards copper, traders said.
LME copper lost 8% over the past four weeks. Analysts at ANZ expect metal prices to bottom out soon as current prices could trigger a supply response.
U.S. job growth slowed more than expected in July, while the unemployment rate increased to 4.3%. This could heighten fears that the labor market is deteriorating, potentially making the economy vulnerable to recession.
The data came on top of weak manufacturing activities in China, triggering a global selloff in risk assets.
The job report on Friday, however, fuelled expectations of deeper interest cuts by the U.S. Federal Reserve, starting from September. That could bolster industrial activities and metals demand.
LME aluminium CMAL3 added 0.1% to $2,266 a ton, zinc CMZN3 moved 0.6% higher to $2,668, tin CMSN3 rose 0.4% to $30,300, and nickel CMNI3 increased 0.4% to $16,340.
SHFE aluminium SAFcv1 was 1.6% lower at 18,895 yuan a ton, zinc SZNcv1 declined 1.6% to 22,485 yuan, tin SSNcv1 dipped 0.2% to 247,800 yuan, nickel SNIcv1 nudged 0.2% lower to 130,140 yuan.
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Reporting by Siyi Liu and Mei Mei Chu; Editing by Rashmi Aich
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