Base metals set for monthly drop as weak China demand weighs
Updates prices and adds quotes
By Mai Nguyen
July 31 (Reuters) -Prices of nonferrous metals rose on Wednesday, supported by a softer dollar, although they were headed for a monthly drop due to weak demand from top consumer China.
Three-month copper on the London Metal Exchange CMCU3 was up 2% at $9,152 per metric ton, as of 0738 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange SCFcv1 closed 1.4% higher at 74,470 yuan ($10,303.42) a ton.
The dollar index .DXY traded lower on Wednesday, making greenback-priced metals cheaper to holders of other currencies.
LME copper has lost 4.6% so far this month, and on track for its biggest monthly fall since August 2023.
Manufacturing activity in China slipped to a five-month low in July as factories grappled with falling new orders and low prices, pointing to a grinding second half for the world's production powerhouse.
The manufacturing sector consumes a large volume of metals.
Physical demand needs to show up first for the market to know where the floor price is, said Guy Wolf, global head of market analytics at Marex, adding that the price rebound could be swift when Chinese buyers are happy to purchase.
"There's no demand for copper for now, funds are exiting and momentum selling," said a trader, adding that LME prices are likely to fall as low as $8,450 by end-August.
LME aluminium CMAL3 rose 1.7% to $2,261.50 a ton, nickel CMNI3 jumped 2.3% to $16,440, zinc CMZN3 advanced 1.9% to $2,679, lead CMPB3 increased 1% to $2,054.50 and tin CMSN3 climbed 3.4% to $29,750.
LME aluminium and lead were also headed for their biggest monthly losses since June 2022.
SHFE aluminium SAFcv1 edged 0.5% higher at 19,135 yuan a ton, nickel SNIcv1 jumped 3.5% to 131,840 yuan, zinc SZNcv1 advanced 1.2% to 22,840 yuan, lead SPBcv1 increased 0.6% to 18,805 yuan and tin SSNcv1 was up 2% at 249,320 yuan.
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Reporting by Mai Nguyen in Hanoi; Editing by Janane Venkatraman and Sherry Jacob-Phillips
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