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HANOI London copper fell on Friday amid weaker-than-expected growth in top consumer China, but prices were on track for a weekly gain after some banks raised their outlook on the metal.
Three-month copper on the London Metal Exchange fell 0.1% to $9,278 a tonne by 0544 GMT, still up 3.9% for the week.
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The most-traded June copper contract on the Shanghai Futures Exchange advanced 2.2% to 68,880 yuan ($10,551.47) a tonne, tracking overnight gains in London.
China’s economic growth jumped 18.3% in the first quarter from a year earlier, the fastest growth since quarterly records began in 1992, but was below expectations.
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Copper falls on slowing Chinese factory growth, Codelco wage deal
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(Updates prices)
HANOI, April 1 (Reuters) - London copper prices fell on Thursday to their lowest in nearly a month, hit by a survey showing subdued factory activity growth in top consumer China last month, and as a supply threat in Chile was averted after top producer Codelco struck a wage deal.
Three-month copper on the London Metal Exchange fell 0.9% to $8,710 a tonne by 0725 GMT, having dropped to $8,695 a tonne, its lowest since March 5, earlier in the session.
The most-traded May copper contract on the Shanghai Futures Exchange closed down 0.8% at 65,090 yuan ($9,906.40) a tonne.
China’s factory activity in March expanded at the slowest pace in almost a year on softer overall domestic demand, with the Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) dropping to 50.6, its lowest since April 2020.