(Adds comment, detail, updates prices)
By Melanie Burton
MELBOURNE, April 4 (Reuters) - London copper was little changed near its lowest in a week on Tuesday as Chinese markets were out on holiday for a second day, draining the market of liquidity and direction.
Prices have bounced in a range between $5,700 to $6,000 a tonne for the past month, and are expected to pick up in the second quarter is seasonally the strongest quarter for demand.
“With underlying activity in China generally steady and sectors like wires and cables picking up anecdotally, we see scope for a potential tightening of the physical market towards summer,” Bank of America Merrill Lynch said in a report.
“There are early signs that the easing in (scrap) availability has started to subside, another reason we maintain our mid-year copper price target of $6,600/t ($3/lb).”
* LME COPPER: London Metal Exchange copper edged down by 0.1 percent to $5,750 a tonne at 0540 GMT, after a 1.5 percent loss the previous session. Prices earlier slipped to their lowest since March 27 at $5,740, having on Monday broken below their 100-day moving average at $5,785.
* SHFE COPPER: The Shanghai Futures Exchange was closed for a public holiday.
* VOLUMES: Volumes were very low, with less than 2000 lots of turnover of the benchmark contracts.
* US MANUFACTURING: a measure of U.S. manufacturing activity retreated from a 2-1/2-year high in March amid a decline in production and an inventory drawdown, but a surge in factory jobs indicated that the sector’s energy-led recovery was gaining momentum.
* GLOBAL FACTORIES: Factories across Europe and much of Asia posted another month of solid growth in March, rounding off a strong quarter for manufacturers, even though exporters fear a rise in U.S. protectionism could snuff out a global trade recovery.
* SUMITOMO METAL: Sumitomo Metal Mining Co Ltd, Japan’s second-largest copper smelter, plans to increase its refined copper output in the financial year that started on Sunday by 1.1 percent from a year earlier.
* CESCO: Chile’s Caserones copper mine, which has suffered a series of technical problems in its ramp-up stage that have continually pushed back its start completion date, should be fully functioning by mid-year, a senior mine executive said Monday.
* MARKETS: Asian share markets were down in skittish early trade on Tuesday as investors held their breath ahead of a potentially tense meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping later this week.
* COMING UP: Euro zone Retail sales Feb at 0900 GMT
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
Reporting by Melanie Burton; Editing by Joseph Radford and Christian Schmollinger