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London copper prices on Thursday were expected to advance to their best monthly performance in 28 months, with the expansion of factory activity in China, a major consumer country, adding signs
of improving demand.
At 17:02 Beijing time, London Metal Exchange (LME) Three-month copper fell 0.
16% to $5,252.
50 a tonne, up 6.
9% on a monthly basis, on track for its best monthly performance
since December 2017.
June copper futures, the main force of the Shanghai Futures Exchange, closed up 0.
87% at 42,940 yuan a tonne, and the monthly line will also record gains
.
China's manufacturing activity expanded in April as more companies resumed work and production, although a sharp decline in export orders dampened expansion, suggesting that the road to recovery is still long
.
Data released by the National Bureau of Statistics on Thursday showed that in April, China's epidemic prevention and control situation was further consolidated, the order of production and life was accelerated to recover, and manufacturing and non-manufacturing production and business activities continued to improve
.
The manufacturing PMI was 50.
8%, down 1.
2 percentage points from the previous month; the non-manufacturing business activity index was 53.
2%, up 0.
9 percentage points from the previous month; and the composite PMI output index was 53.
4%, up 0.
4 percentage points
from the previous month.
A metals analyst said: "At least demand on the factory side looks good, but consumption, while better than last month, is not as good as the same period
last year.
" Chinese demand is sustainable, but there are still some concerns
on the export side.
”
Gilead Sciences' investigational antiviral drug, Rem desi vir, will become the standard for coronavirus, after early results from a pivotal clinical trial on Wednesday showed it could help speed up patients
' recovery.
The news also boosted investor confidence
.
Copper stocks in Shanghai's bonded warehouse fell to 305,800 tonnes as of April 24, the lowest level since Feb.
7, while copper inventories fell for six consecutive weeks
, the data showed.
Chile's copper industry is by far one of
the world's least affected sectors affected by the coronavirus, Chile's mining minister said on Wednesday.
It cited official figures showing that the country's copper production fell by only 1 percent
.
