LME copper gains on robust China PMI data

Better-than-expected China manufacturing data pushed London copper higher in early trading on Wednesday, reversing overnight losses.

Growth in China's manufacturing sector in May kept pace with the previous month, an official survey showed on Wednesday, beating expectations in a reassuring sign the world's second-biggest economy is not losing too much steam after a solid first quarter performance.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange was up 0.5% to $5,687 a tonne by 0130 GMT, reversing losses from the previous session.

* SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange slipped 0.6% to 45,770 yuan ($6,679) a tonne.

  

* CHINA PMI: The official Purchasing Managers' Index (PMI) stood at 51.2 in May, compared with the previous month's 51.2 and above the 50-point mark that separates growth from contraction on a monthly basis.

* COPPER STOCKS: Prices were supported by a drop in on-warrant stocks available to the market in LME-registered warehouses, falling to 153,500 tonnes after 7,625 tonnes of cancellations. On-warrant stocks have decreased by a third since mid-April. MCUSTX-TOTAL

* ALUMINIUM PREMIUMS: A global aluminum producer has offered Japanese buyers a premium of $123 per tonne for July-September primary metal shipments, down 4% from the current quarter.

* HINDALCO PROFIT UP: Hindalco Industries Ltd, India's biggest producer of aluminum and copper, posted a 26% rise in fourth-quarter profit as revenue from operations increased on higher base metal prices.

* MORE JOBS: Companies have stepped up their requests for engineers and other positions at early stage mining projects in Chile, a local recruiter said on Monday, in a further sign of activity warming up in the industry.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian stocks were steady in a cautious start on Wednesday after a weak session on Wall Street, while the sterling stumbled as a new poll found British Prime Minister Theresa May's Conservative Party risks falling short of an overall majority in next month's national election.