SYDNEY, Sept 1 (Reuters) - Copper firmed in early Asian trading on Friday, gaining momentum from a positive outlook for Chinese industrial activity.
China’s manufacturing activity expanded at the fastest pace in six months in August, buoyed by a surge in export orders and higher prices, according to the private Caixin manufacturing purchasing managers index.
The official Purchasing Managers’ Index (PMI) released on Thursday rose to 51.7 in August from 51.4 the previous month.
* LME COPPER: Three-month copper on the London Metal Exchange was up 0.3 percent at $6,811 a tonne by 0115 GMT, extending gains from the previous session. The contract touched a peak of $6,872 on Thursday, the highest since September 2014.
* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange was up 0.2 percent at 52,730 yuan ($8,003) a tonne shortly after the open.
* SPECULATION: A speculative frenzy triggered by a falling dollar, tighter supplies and healthy demand in top consumer China have in recent weeks propelled prices of industrial metals to multi-year highs.
* INDONESIA CHEERS: Indonesia’s government left no doubts as to who it believes got the better deal in its landmark agreement with Freeport McMoRan Inc on the future of the Grasberg copper mine.
* MINE BOOST: Canadian miner First Quantum Minerals Ltd said on Thursday it would boost its stake in unit Minera Panama SA to 90 percent in a deal valued at $635 million to increase its copper mining operations.
* DOLLAR DOWN: The dollar edged down on Friday after tepid U.S. economic data casts doubts on whether the Federal Reserve will raise rates again this year, though investors were cautious ahead of the key monthly U.S. employment data later in the global session.
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* Asian equities followed Wall Street’s gains overnight and edged higher on Friday while the dollar’s advance slowed ahead of the U.S. jobs report due later in the session.
DATA/EVENTS (GMT) 0145 China Caixin manufacturing PMI final Aug 0750 France Markit manufacturing PMI Aug 0755 Germany Markit/BME manufacturing PMI Aug 0800 Euro zone Markit manufacturing PMI final Aug 1230 U.S. Nonfarm payrolls Aug 1230 U.S. Unemployment rate Aug 1400 U.S. ISM manufacturing PMI Aug 1400 U.S. Construction spending Jul 1400 Board of Governors of the Federal Reserve conducts open meeting
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
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
ARBS ($1 = 6.5888 Chinese yuan renminbi)
Reporting by James Regan; Editing by Richard Pullin