Business Recorder
BEIJING: Copper prices drifted higher on Thursday, bolstered by upbeat factory data in top consumer China and potential supply disruptions as key input ingredients run low. Benchmark three-month copper on the London Metal Exchange rose 0.5% to $13,070 per metric ton by 0229 GMT following five straight days of losses. The most-traded copper contract on the Shanghai Futures Exchange was up 0.24% at 101,500 yuan ($14,840.70) per ton. China’s manufacturing sector expandedin April at its fastest pace since the end of 2020, with the monthly reading at 52.2, higher than analysts’ forecast of 51, thanks to stronger output and surging new orders, a private survey showed on Thursday. The official factory data also pointed to a second straight month lyexpansion in April. Additional price support came from supply-side risks linked to the Iran war, especially constraints on inputs such as sulphur, according to analysts at ING in a note. US President Donald Trump discussed how to mitigate the impact of a possible months-long US blockade of Iran’s ports with oil companies, a White House official said on Wednesday, as the US president urged Tehran to “get smart soon” and sign a deal. Investors are also closely monitoring how the diesel shortage stemming from the prolonged Iran war will impact mined supply. Among other LME metals, aluminium added 0.33%, nickel gained 0.59%, lead was flat, tin rose 1.33%, and zinc advanced 0.39%. Other SHFE metals mostly lost ground amid risk-off sentiment as the Shanghai bourse will be closed from May 1 to May 5 for China’s May Day holiday. Aluminium dipped 0.18%, nickel shed 0.25%, lead fell 0.54%, zinc slid 0.78% while tin gained 0.83%.
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