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Copper and nickel bounce off lows after China factory data-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
5/7/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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Reuters reported that copper and nickel bounced off multi-week lows on 2 May as Chinese steel prices soared and a private survey showed growth in China''s manufacturing sector unexpectedly picked up in April. The Caixin/Markit Manufacturing Purchasing Managers'' index climbed to 51.1, from a four-month low of 51.0 in March, and topped economists'' forecasts.
But the same survey showed a sub-index on export orders shrinking for the first time since November 2016. An official PMI survey on April 30 also showed slower shipment orders last month.
Ms Caroline Bain, senior commodities economist at Capital Economics said that "The PMI doesn''t bode well for activity in the coming months." Ms Bain added that "We''re not expecting metals to fall off a cliff, we just think they could drift lower in the second half. There''s a risk we''ve peaked with the global economy."
COPPER, NICKEL
Three-month copper on the London Metal Exchange ended up 1.1 % at USD 6,820 per tonne, after hitting USD 6,710 on 1 May, its weakest since April 4. Nickel closed up 2.4 % at USD 13,980, after hitting its lowest since April 12 on 1 May.
CHINA STEEL
China''s steel rebar futures soared to their highest in eight weeks, buoyed by a firm physical market and falling inventories. US TRADE EU: European Commission President Jean-Claude Juncker said the European Union will not accept threats in talks with the United States to secure a permanent exemption from US import tariffs on steel and aluminium.
US TRADE BRAZIL
Brazil contradicted a US announcement that the two countries had reached a deal on a permanent exemption from steel and aluminum import tariffs, saying the Trump administration had unilaterally cut off talks.
RUSAL
The US Treasury gave investors an additional month to divest or transfer their holdings in sanctions targets En+ Group Plc , GAZ Group and Rusal Plc , Russia''s largest aluminium producer.
有色金属展-铜材展-2018年广州国际有色金属工业（铜业）展览会
-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2018
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