London copper heads for fourth straight weekly fall on demand worries


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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

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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

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makes dollar-denominated metals more expensive for holders of

other currencies.

* 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


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




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