(Adds comment, detail, updates prices)
By Melanie Burton
MELBOURNE, April 4 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
* 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
* 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
* 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