Recast, price update
Beijing, April 1 (Reuters) – Shanghai copper prices rose on Monday after China's positive industrial data raised The outlook for demand for metals is favorable, but the rate of increase was limited to a high level. stock.
The most traded copper May contract on the Shanghai Futures Exchange SCFcv1 In morning trading, the oil rose 0.7% to end at 72,810 yuan ($10,072.35) per tonne, registering a gain of 5.4%. rise March was the largest monthly increase in 16 months.
The London Metal Exchange (LME) is closed on Monday due to the Easter Monday public holiday.
profits continued formal factory inspection Sunday's announcement showed that China's manufacturing activity expanded in March for the first time in six months.
Although the pace of growth was slow, it was the highest PMI reading since March last year, when the lifting of coronavirus restrictions gained momentum. in china It started to stall.
Data showing easing us price Investors' expectations that the US Federal Reserve (Fed) will cut interest rates in June have also increased.
However, rising stock prices weighed on prices during trading. Monitor guaranteed copper stocks SHFE CU-STX-SGHhovering nearby be The four-year peak was almost nine times that amount. in early this year.
The higher-than-normal inventories may be due to continued subdued demand from end users, especially after copper futures soared last month due to raw material shortages. This led to plans for a smelter. Analysts at China Futures said production was under control. in the memo.
The spot price to buy copper has remained at a discount to futures prices over the past week. SMM-CU-PND.
SHFE aluminum SAFcv1 0.3% increase up to 19,685 yuan/ton, zinc SZNcv1 0.1% increase up to 20,985 yuan, nickel SNIcv1 Down 0.4% to 129,910 yuan, leading the way SPBcv1 1.4% down to 16,490 yuan, tin SSNcv1 fell 0.2% at 225,590 yuan.
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(1 dollar = 7.2287 Chinese Yuan)
(Reporting by Siyi Liu, Andrew Hayley; Editing by Rashmi Aich, Sonia Cheema)
((Siyi.Liu@thomsonreuters.com;))
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