(Recasts to show copper prices down)
By James Regan
SYDNEY May 31 Copper prices contracted in late
Asian trade on Wednesday after rising earlier in the session on
better-than-expected manufacturing data from China.
Early gains led investors to lock in profits, putting
pressure on copper prices ahead of the active London trading
session, according to traders.
Growth in China's manufacturing sector in May kept pace with
the previous month, an official survey showed on Wednesday,
beating expectations in a reassuring sign the world's
second-biggest economy is not losing too much steam after a
solid first quarter performance.
"The PMI suggests an easing of downward pressure on growth,"
said Shaw and Partners analyst Peter O'Connor.
* COPPER: Three-month copper on the London Metal Exchange
was down 0.2 percent at $5,655 a tonne, as of 0732 GMT.
* SHANGHAI: The most-traded copper contract on the Shanghai
Futures Exchange ended 1.78 percent lower at 45,230
yuan ($6,631) a tonne.
* NICKEL: Upbeat China data did little to help nickel, as
the metal prices dropped to their lowest close since June 2016.
Three-month nickel fell 3 percent to $8,860 a tonne.
ShFE nickel closed 3.4 percent lower.
* CHINA PMI: The official Purchasing Managers' Index (PMI)
stood at 51.2 in May, compared with the previous month's 51.2
and above the 50-point mark that separates growth from
contraction on a monthly basis.
* COPPER STOCKS: Prices were supported by a drop in
on-warrant stocks available to the market in LME-registered
warehouses, falling to 153,500 tonnes after 7,625 tonnes of
cancellations. On-warrant stocks have decreased by a third since
* ALUMINIUM PREMIUMS: A global aluminium producer has
offered Japanese buyers a premium of $123 per tonne for
July-September primary metal shipments, down 4 percent from the
* HINDALCO PROFIT UP: Hindalco Industries Ltd,
India's biggest producer of aluminium and copper, posted a 26
percent rise in fourth-quarter profit as revenue from operations
increased on higher base metal prices.
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
($1 = 6.8210 Chinese yuan)
(Reporting by James Regan; Editing by Richard Pullin and Sherry