April 30, 2019 / 2:26 AM / 3 months ago

METALS-Disappointing China data pressures metals prices

SINGAPORE, April 30 (Reuters) - Most industrial metals fell on Tuesday, after data showed growth in China's factory activity unexpectedly slowed in April, suggesting the economy is still struggling to regain traction. China's official Purchasing Managers' Index (PMI) fell to 50.1 in April from 50.5 in March, lower than analysts' expectation that the PMI would be unchanged from March's reading, pointing to continued but modest expansion despite a flurry of support measures.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange eased 0.1 percent to $6389 a tonne by 0208 GMT, while nickel fell 0.2 percent, zinc was down 0.2 percent and lead decreased 0.3 percent.

* Shanghai copper edged up 0.2 percent to 48,930 yuan ($7,264.93) a tonne, aluminium rose 0.2 percent, nickel was down 0.2 percent and zinc advanced 0.8 percent.

* Russian aluminium giant Rusal has appointed Charles Brian Hesse the head of its office in the United States at a time when it is trying to strengthen its presence in North America, the firm said in a statement.

* China's five largest state-owned banks posted modest first-quarter profit growth, though slightly below expectations, as policymakers pushed lenders to make more loans to support the slowing economy.

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MARKETS NEWS

* Shares in Asia fell as readings on China's manufacturing activity failed to meet expectations, underscoring weakness in the world's second-largest economy despite Beijing's attempts to spur growth.

DATA/EVENTS (GMT)

0530 France GDP Preliminary QQ Q1

0645 France CPI (EU Norm) Prelim YY April

0755 Germany Unemployment Chg SA April

0755 Germany Unemployment Rate SA April

0900 EU GDP Flash Prelim YY QQ Q1

0900 EU Unemployment Rate March

1200 Germany CPI Prelim YY April

1200 Germany HICP Prelim YY April

1400 US Consumer Confidence April

U.S. Federal Reserve's Federal Open Market Committee

to commence its two-day meeting on interest rates

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

ARBS ($1 = 6.7351 Chinese yuan renminbi)

Reporting by Mai Nguyen; Editing by Rashmi Aich

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