London copper heads for fourth straight weekly fall on demand worries
Copper prices slipped on Friday and were
on track for their fourth consecutive weekly decline, as
fast-rising interest rates and weak economic data stoked fears
of a global recession, which would dent demand for metals.
* Three-month copper on the London Metal Exchange
was down 0.5% at $8,215.50 a tonne, as of 0227 GMT.
* The metal registered its worst quarter since 2011 for the
three months ended June, falling 20.4%. It was down nearly 2%
for the week.
* The most-traded August copper contract in Shanghai
fell 2.1% to 62,880 yuan ($9,387.60) a tonne.
* Asia’s manufacturing activity stalled in June as many
companies suffered from supply disruptions caused by China’s
strict COVID-19 lockdowns, surveys showed on Friday.
* China’s manufacturing activity expanded at its fastest in
13 months in June, buoyed by a strong rebound in output, a
private sector poll showed on Friday.
* U.S. consumer spending rose less than expected in May as
motor vehicles remained scarce, while higher prices forced
cutbacks on purchases of other goods.
* Central banks are raising interest rates sharply to rein
in soaring inflation, restraining economic growth.
* The dollar edged higher against major peers,
staying on track for its best week in four. A stronger greenback
makes dollar-denominated metals more expensive for holders of
* Copper output in Chile , the world’s largest
producer of the metal, fell 2.7% year on year to 480,275 tonnes
in May, the country’s statistics agency INE said on Thursday.
* Asia’s stock markets made a shaky start to the second
half on Friday, as investors grow increasingly nervous about the
global economic outlook.
0750 France S&P Global Mfg PMI
0755 Germany S&P Global/BME Mfg PMI
0800 EU S&P Global Mfg Final PMI
0830 UK S&P GLBL/CIPS Mfg PMI
0900 EU HICP Flash YY
0900 EU HICP-X F&E Flash YY
1345 US S&P Global Mfg PMI Final
1400 US ISM Manufacturing PMI
Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
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 = 6.6982 Chinese yuan renminbi)
(Reporting by Brijesh Patel in Bengaluru; Editing by Amy Caren