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London copper steady after China data

Tuesday, 30 September 2014


London copper was flat but not far off three-month lows on Tuesday after a private sector reading of China's factory health fell slightly from initial estimates, with the metal facing its steepest monthly loss since March on a looming jump in supply. Activity in China's vast factory sector showed signs of steadying in September as export orders climbed, the survey showed, easing fears of a hard landing but still pointing to a sluggish economy. Worries over China's demand and a robust dollar have weighed on metals prices over the summer. Three-month copper on the London Metal Exchange was trading at $6,748 a tonne by 0245 GMT, up 0.1 per cent after small gains in the previous session. Prices hit their lowest since June 16 at $6,666 a tonne on Monday. The most-traded December copper contract on the Shanghai Futures Exchange climbed 1.1 per cent to 48,140 yuan($7,829) a tonne, while ShFE zinc rose 2.2 per cent, as shorts took profits ahead of the holiday, according to dailymail.co.uk