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BEIJING, March 3 (Reuters) – London copper prices were on track for a weekly gain on Friday, as promising economic data from top metals consumer China bolstered demand prospects, while markets awaited a key parliamentary meeting in the Asian country for further cues on policy.
Three-month copper on the London Metal Exchange CMCU3 was up 0.2% at $8,937 a tonne, as of 0404 GMT, rising 2.5% so far this week.
The most-traded April copper contract on the Shanghai Futures Exchange SCFcv1 slid 0.6% to 69,580 yuan a tonne.
The gain came as higher-than-expected manufacturing and services data in China lifted sentiment among investors, who are also awaiting a key parliamentary meeting starting this Sunday.
That said, caution over actual market fundamentals remained.
“While macro data such as very strong February manufacturing PMIs and more encouraging property sales indicate a broad-based uptick in economic activity, more copper-specific datapoints such as inventories, premiums and orderbooks paint a somewhat more muted recovery,” analysts at J.P. Morgan Global Commodities Research said in a note.
Also weighing on the market was the dollar stance, which remained firm after a fresh set of data indicated the Federal Reserve will keep interest rates higher for longer, and concerns grew the United States may impose more sanctions on China.
A stronger dollar makes greenback-priced commodities more expensive to buyers holding other currencies.
Global copper smelting activity declined in February despite a further rebound in activity in top refined metal producer China, data from satellite surveillance of metal processing plants showed on Thursday.
LME aluminium CMAL3 rose 0.6% to $2,413 a tonne, zinc CMZN3 gained 0.4% to $3,061.50, lead CMPB3 shed 0.8% to $2,109 and tin CMSN3 lost 0.4% to $24,475.
SHFE aluminium SAFcv1 was nudged 0.1% up at 18,680 yuan a tonne, nickel SNIcv1 fell 3.1% to 185,320 yuan, tin SSNcv1 shed 4.5% to 197,430 yuan and zinc SZNcv1 slid 0.9% to 23,315 yuan.
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(Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu, Nivedita Bhattacharjee)
((Siyi.Liu@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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