Most Read London copper jumps 1.5% as China’s factory sector expands HANOI, Jan 4 (Reuters) – Copper prices rose on Monday after data showed that factory activity in top consumer China had expanded, boosting confidence in the demand outlook, as the world’s second-largest economy continues to recover from the coronavirus-led slump.Three-month copper on the London Metal Exchange increased 1.4% to $7,875 a tonne by 0254 GMT, while the most-traded February copper contract on the Shanghai Futures Exchange advanced 0.2% to 58,060 yuan ($8,947.73) a tonne.The Caixin/Markit Manufacturing Purchasing Managers’ Index was at 53.0 in December, well above the 50-level that separates growth from contraction, but down from November’s 54.9, missing expectations and easing to the softest pace in three months.FUNDAMENTALS * LME nickel jumped 3.2% to $17,150 a tonne, while zinc advanced 1% to $2,778.50 a tonne.
ShFE nickel climbed 2% to 126,810 yuan a tonne, and ShFE lead increased 1% to 14,890 yuan a tonne.* China’s central bank issued a regulation on Thursday to cap property loans by banks, as authorities shift their attention back to debt risks and look to guard against any overlending to the property sector.* For the top stories in metals and other news, click or MARKETS NEWS * Asian share markets hit pause as reports of a possible tightening in coronavirus emergency rules for Tokyo pulled Japanese stocks off 30-year highs, while also lifting the safe-haven yen.DATA/EVENTS (GMT) 0850 France Markit Mfg PMI 0855 Germany Markit/BME Mfg PMI 0900 EU Markit Mfg Final PMI 0930 UK Markit/CIPS Mfg PMI Final 1445 US Markit Mfg Final PMI PRICES ($1 = 6.4888 yuan) (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips) 2021-01-04 05:47:35
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