Copper prices fell on Thursday after data showed top consumer China's factory activity growth was weaker-than-expected in small, private and exported-oriented firms amid softer domestic demand.
Three-month copper on the London Metal Exchange fell 0.2% to $8,765.50 a tonne by 0238 GMT, while the most-traded May copper contract on the Shanghai Futures Exchange declined 0.3% to 65,440 yuan ($9,965.89) a tonne.China's factory activity in March expanded at the slowest pace in almost a year on softer overall domestic demand, with the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) dropping to 50.6 last month - the lowest level since April 2020.
Yangshan copper premium <SMM-CUYP-CN> was hovering at its lowest since Dec. 23, 2020 of 58.50 a tonne, indicating weakening demand for imported copper into China. Stockpiles of the metal in exchange warehouses have been rising steadily. <MCUSTX-TOTAL> <CU-STX-TOTAL>
* LME zinc fell 0.7% to $2,799.50 a tonne, lead declined 0.7% to $1,961 a tonne while aluminium rose 0.3% to $2,219 a tonne.
* ShFE lead dropped 1% to 15,200 yuan a tonne, zinc was down 0.4% at 21,545 yuan a tonne while aluminium rose 0.5% to 17,265 yuan a tonne.
* For the top stories in metals and other news, click or* Stocks crept higher following their weakest quarter in a year, while higher Treasury yields supported the dollar, as investors parsed the details of a $2 trillion U.S. government spending plan and hoped for strong jobs data later in the week.
0750 France Markit Mfg PMI March
0755 Germany Markit/BME Mfg PMI March
0800 EU Markit Mfg Final PMI March
0830 UK Markit/CIPS Mfg PMI Final March
1230 US Initial Jobless Clm Weekly
1345 US Markit Mfg PMI Final March
1400 US ISM Manufacturing PMI March
($1 = 6.5664 yuan) (Reporting by Mai Nguyen; Editing by Shailesh Kuber)
Source: Daily Mail