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Copper prices steadied on Monday as above consensus industrial activity data from top consumer China supported sentiment, but weak demand due to the prolonged U.S.-China trade war is expected to limit gains.
Benchmark copper on the London Metal Exchange was up 0.2% at $5,779 a tonne at 0955 GMT. Prices of the metal widely used in the power and construction industries last week touched $5,711, the lowest since Sept. 4.
“The surprisingly positive China PMI data is giving some support to prices of copper and other metals, but it might be short-lived,” said Commerzbank analyst Daniel Briesemann.
“The market is waiting for trade talks. We don’t expect much activity before then due to celebrations in China (to mark 70 years of Communist Party rule)”.
PMIS: The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for September rose to 51.4 from 50.4 in August. The consensus was for a dip to 50.2.
Another official survey showed factory activity picked up in September on improving domestic demand, despite shrinking for the fifth straight month as new export orders continued to fall.
The official PMI was at 49.8 in September, slightly higher than 49.5 in August.