SINGAPORE, June 1 (Reuters) - Copper prices rose on Monday as U.S. President Donald Trump’s response to a China’s security legislation on Hong Kong was not as severe as the market had expected.
Trump on Friday ordered the process of eliminating special U.S. treatment for Hong Kong but did not mention any action that would undermine the U.S.-China Phase 1 trade deal.
Markets had feared any tariff row would undermine the already dampened global economy and further weaken the metal’s demand.
Three-month copper on the London Metal Exchange climbed 1.2% to $5,440 a tonne by 0135 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange jumped 1.4% to 44,400 yuan ($6,241.65) a tonne.
* CHILE COPPER: Chile produced 474,880 tonnes copper in April, up 2.8% year-on-year, despite restrictions to tame the coronavirus outbreak.
* CHINA PMI: China’s factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened.
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* Asian share markets started on a cautious note and gold gained as images of riots in burning U.S. cities unnerved investors already tense over Washington’s power struggle with Beijing.
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Three month LME copper
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$1 = 7.1135 yuan Reporting by Mai Nguyen; Editing by Rashmi Aich