SINGAPORE, Nov 1 (Reuters) - London copper prices bounced back on Friday from a sharp fall in the previous session, after a private business survey showing a better-than-expected factory data in China boosted trading sentiment.
China’s factory activity unexpectedly expanded at the fastest pace in well over two years in October as new export orders rose and plants ramped up production, a private business survey showed.
But the better-than-expected results stand in contrast with an official survey published on Thursday, which showed China’s factory activity shrank for the sixth straight month in October.
The official survey focuses more on heavy industry than Caixin’s, and the two surveys cover different places in China.
China is the world’s biggest consumer of copper, which is widely used in manufacturing activities.
Three-month copper on the London Metal Exchange (LME) rose 0.7% to $5,839 a tonne by 0229 GMT, reversing a 1.9% drop in the previous session which was the biggest fall in almost three months due to weak China data on Thursday.
The most-traded copper contract on the Shanghai Futures Exchange fell 0.8% to 46,980 yuan ($6,669.70) a tonne, reflecting losses in London overnight.
* TRADE DEAL: U.S. President Donald Trump said the United States and China would soon announce a new site where he and Chinese President Xi Jinping will sign a “Phase One” trade deal after Chile cancelled a planned summit set for mid-November.
* NICKEL: Nickel miner Independence Group NL said it will stop work on developing a downstream nickel sulphate facility after winning improved terms in two recent off-take agreements for concentrate from its Nova mine.
* SK INNOVATION/AUSTRALIAN MINES: Battery materials developer Australian Mines Ltd said a cobalt and nickel supply agreement with South Korean battery maker SK Innovation has been terminated.
* AURUBIS: Europe’s largest copper producer Aurubis AG remains on the hunt for takeovers with a war chest of about $1 billion, Chief Executive Roland Harings said.
* PRICES: LME aluminium edged up 0.2%, nickel advanced 0.3%, zinc increased 0.5% and lead rose 0.4%. In Shanghai, aluminium edged up 0.1%, nickel fell 0.4%, zinc eased 0.1% while lead and tin dropped 0.8% each.
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* Asian shares fell in a weak start to the month and off three-month highs struck this week on fresh concerns over Sino-U.S. trade prospects and ahead of U.S. economic data, while the dollar eased against major rivals.
0400 Indonesia Inflation YY Oct
0500 India IHS Markit Mfg PMI Oct
0600 Russia Markit Mfg PMI Oct
0930 UK Markit/CIPS Mfg PMI Oct
1200 Brazil Industrial Output MM, YY Sept
1230 US Non-farm Payrolls Oct
1230 US Unemployment Rate Oct
1230 US Average Earnings YY Oct
1300 Brazil Markit Mfg PMI Oct
1345 US Markit Mfg PMI Final Oct
1400 US ISM Manufacturing PMI Oct
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 = 7.0438 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Rashmi Aich)