SINGAPORE, Jan 2 (Reuters) - Copper slid for a second
session on Wednesday as the market kicked off 2019 trading amid
concerns over growth in top metals consumer China as the latest
data showed slowing factory activity.
Asian shares turned tail on the first trading day of the new
year as more disappointing economic data from China darkened the
mood and erased early gains in U.S. stock futures.
COPPER: Three-month copper on the London Metal Exchange
was down 0.4 percent at $5,943 a tonne by 0443 GMT, and
the most-traded contract on the Shanghai Futures Exchange
dropped 0.6 percent to 47,880 yuan ($6,983.15) a tonne.
FACTORY ACTIVITY: China's factory activity contracted for
the first time in 19 months in December as domestic and export
orders continued to weaken, a private survey showed, pointing to
a rocky start for the world's second-largest economy in 2019.
SURVEY READINGS: The gloomy readings largely dovetailed with
an official survey on Monday, which showed growing strains on
China's manufacturing sector - a key source of jobs. The
findings reinforce views the economy is losing more steam.
China is the world's biggest consumer of industrial metals.
COPPER PRODUCTION: Chile's copper production touched 540,720
tonnes in November, its highest level in 13 years, as ore grades
and efficient processing favoured increased output in the
world's top producer of the red metal, the government said on
Monday.
RUSAL: The London Metal Exchange confirmed on Monday it
would lift its suspension on aluminium produced by Russia's
Rusal if U.S. sanctions are lifted, saying a consultation with
users had not raised any objections to the plan.
