May 3 London Morning Review

Copper prices on the London Metal Exchange (LME) hit a three-week high on Tuesday as investors worried about possible disruptions to Indonesian supplies but cautious sentiment limited gains over slowing demand from China, the world's largest consumer of the metal
.
At 16:00 London time on May 2 (00:00 Beijing time on May 3), three-month LME copper closed up 1.
2% at $5,735.
50 a tonne, earlier hitting its highest since April 10 at $5,820
.

The pace of China's manufacturing expansion slowed in April, the Caixin manufacturing PMI fell to a seven-month low in the month, major sub-indices including output, new orders, and prices all weakened, and inventory data also showed that the motivation of enterprises to replenish inventory began to weaken, and the manufacturing industry may face downward pressure
in the second quarter as the PPI rally slows 。 The seasonally adjusted Chinese manufacturing purchasing managers' index (PMI) fell to 50.
3 in April, below the previous month's 51.
2 and median estimate of 51, and new orders fell to 50.
9 from 52.
7 in the previous month, the lowest
in seven months, according to a joint Caixin/Markit report on Tuesday.

Overnight, London copper benefited from the favorable high shock brought by the freeport strike, but the economic situation between China and the United States is not very clear, laying hidden worries for the later trend of the copper market, and it is expected to run around the 40-day moving average at 5760~5800 US dollars / ton
today.