BEIJING, April 1 (Reuters) – Copper prices in Shanghai climbed on Monday as China’s positive industrial data raised the demand outlook of the metal, but gains were capped by high inventories.
The most-traded May copper contract on the Shanghai Futures Exchange SCFcv1 closed morning trade 0.7% higher at 72,810 yuan ($10,072.35) per metric ton, having notched a 5.4% rise in March, its biggest monthly gain in 16 months.
The London Metal Exchange (LME) is closed on Monday for the Easter Monday holiday.
The gains followed an official factory survey on Sunday showing China’s manufacturing activity expanded for the first time in six months in March.
Though the pace of growth was modest, it was also the highest PMI reading since March of last year, when momentum from the lifting of COVID-19 restrictions in China began to stall.
Data showing easing U.S. prices also bolstered investors’ hopes of the Federal Reserve cutting interest rates in…
