SYDNEY, Aug 4 (Reuters) – Base metals mostly traded flat on Friday as investors digested bearish Chinese and U.S. economic data.
The U.S. Institute of Supply Management manufacturing index fell more than expected overnight, while growth in China’s services sector slowed in July, according to the Caixin/Markit services purchasing managers’ index.
* LONDON COPPER: Three-month copper on the London Metal Exchange barely budged from overnight levels, trading at $6,343 a tonne at 0100 GMT.
* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange slipped 0.10 percent shortly after the open to 50,280 yuan ($7,487.71) a tonne.
* ALUMINIUM CRACKDOWN: China’s crackdown on its bloated aluminium industry is driving up the share price of the country’s major producers and raising the spectre of a tighter global market that could buoy prices.
* MORE NICKEL: Soaring cobalt prices are prompting Asia’s top battery makers to tweak the recipe for lithium-ion batteries used to power electric cars and mobile phones – reducing the amount of cobalt and adding more nickel.
* SHANGHAI, LONDON ALUMINIUM: ShFE aluminium slipped 0.58 percent on Friday. LME aluminium traded mostly flat at around $1,914.50 a tonne.
* SHANGHAI LEAD, NICKEl: ShFE lead and nickel were up 0.24 percent and 0.05 percent respectively, while tin was 0.64-percent higher.
* For the top stories in metals and other news, click or
* Asian stocks struggled on Friday after a technology-led drop on Wall Street, while U.S. Treasury yields and the dollar remained under pressure on signs that probes into possible Russian interference in the 2016 U.S. elections are gathering pace.
DATA AHEAD (GMT) 0600 Germany Industrial orders Jun 1230 U.S. Nonfarm payrolls Jul 1230 U.S. Unemployment rate Jul 1230 U.S. International trade Jun
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 = 6.7150 Chinese yuan renminbi)
Reporting by James Regan; Editing by Joseph Radford