Copper dips as uncertainty counters upbeat Chinese factory data
Adds analyst comment and LONDON dateline, updates prices
By Eric Onstad
LONDON, Oct 31 (Reuters) -Copper prices edged lower on Thursday as worries about further economic stimulus in China offset an uptick in manufacturing data from the top metals consumer while investors also anxiously await the outcome of next week's U.S. presidential election.
Three-month copper CMCU3 on the London Metal Exchange (LME) was down 0.1% at $9,532 a metric ton by 1030 GMT.
Data showed that manufacturing activity in China expanded in October for the first time in six months, indicating stimulus measures are helping the battered economy turn a corner.
The Caixin manufacturing survey, which mostly covers smaller, export-oriented firms in China, is due on Friday.
"It was a good increase and if the Caixin number makes a turnaround, I think that will be a very good sign that will help metal markets," said Nitesh Shah, commodity strategist at WisdomTree.
The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed 0.2% down at 76,540 yuan ($10,748.79) a ton.
On a monthly basis, LME copper has lost 3% and SHFE copper 2.9%.
The market is in a holding pattern, awaiting concrete information about fiscal stimulus, Shah added.
Copper prices surged in late September to more than $10,000 a ton after a U.S. interest rate cut and the announcement of a series of Chinese economic support programmes.
Prices retreated, however, after the scale of the stimulus measures and a lack of detail disappointed market participants.
"We may not know more details of the stimulus until after the U.S. election because China may be keeping back some firepower in case trade tariffs are more aggressive under the new administration," Shah said.
China's top legislative body meets over Nov. 4-8 to consider potential measures to boost its economy.
Among other metals, LME aluminium CMAL3 rose 0.5% to $2,630 a ton, nickel CMNI3 added 0.1% to $15,825, tin CMSN3 was up 0.7% at $31,160 and zinc CMZN3 shed 0.7% to $3,065.50 while lead CMPB3 eased by 0.5% to $1,995.
($1 = 7.1208 yuan)
For the top stories in metals, click TOP/MTL
For related news and prices, click:
LME price overview RING=
COMEX copper futures 0#HG:
All metals news MTL
All commodities news C
Foreign exchange rates FX=
SPEED GUIDES LME/INDEX
Reporting by Eric Onstad
Additional reporting by Mai Nguyen in Hanoi
Editing by David Goodman
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
