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According to foreign news on April 30, the London Metal Exchange (LME) three-month copper closed higher on Tuesday as investors speculated that China would respond
to weak manufacturing data such as stimulus measures.
At 17:00 London time on April 30 (00:00 Beijing time on May 1), three-month copper closed at $6,415 a tonne, up 0.
3%
from the previous session.
Copper prices are up about 8 percent this year on expectations of measures to stem the slowdown, although copper prices have been stuck near $6,500 since late February, Commerzbank analyst Daniel Briesemann said: "China's manufacturing data is weak and more stimulus is expected
.
" He said a trade deal between China and the United States would boost copper prices, but it was expected to return to $
6,500 by the end of the year.
Some analysts said that the weakening of the dollar also brought support to the market, the National Bureau of Statistics Service Industry Survey Center, China Federation of Logistics and Purchasing jointly released data on Tuesday, in April, China's manufacturing purchasing managers' index (PM) was 501%, although down 0.
4 percentage points from the previous month, but still the second highest point since November 2018, and has stood above the 50% boom and bust line for two consecutive months, indicating that the manufacturing industry maintains its expansion momentum
.
A private survey also showed that China's manufacturing sector fell in April as export orders and employment fell
.
The Caixin Central Manufacturing Purchasing Managers' Index (PM) for April released on Tuesday recorded 50.
2, down 0.
6 percentage points from March, in the expansion range for two consecutive months, but the expansion has weakened, and the US and euro zone economic data released on Tuesday was better than market expectations, with the US Chamber of Commerce consumer confidence index in April at 129.
2, higher than the market estimate of 126.
0
.
Eurozone GDP grew by 0.
4% q/q after quarterly adjustment in the first quarter, better than market expectations of 0.
3% increase; Eurozone unemployment came in at 7.
7% in March, also better than market expectations of 7.
8%
Commodity giant Glencore cut its full-year copper production target on Tuesday after reporting a 7 percent drop in first-quarter production hit by severe flooding in Australia, which Glencore said fell to 320,700 tonnes
in the first quarter.
The company also said it lowered its forecast for copper production this year to 1.
46 million tonnes, or 30,000 tonnes up or down, compared with its previous estimate of 1.
54 million tons
.
