(Adds analyst comment, updates prices)
BEIJING, March 1 (Reuters) - Shanghai copper prices fell for
a fourth day on Thursday to touch their lowest level in more
than two weeks as the dollar strengthened and stock markets
declined, but other metals gained ground after upbeat
manufacturing data from top consumer China.
The private Caixin/Markit Manufacturing Purchasing Managers'
Index for February beat expectations to reach its highest in six
months, a day after China's official factory activity reading
raised concerns of a sharper-than-expected slowdown in the
world's second biggest economy this year.
"The impact was probably the result of ongoing production
constraints due to the environmental controls in China," ANZ
said of the offical PMI reading.
FUNDAMENTALS
* SHFE COPPER: The most-traded copper contract on the
Shanghai Futures Exchange had slipped 0.5 percent to
52,490 yuan ($8,280.49) a tonne by 0459 GMT. It earlier touched
its lowest since Feb. 13 at 52,120 yuan a tonne, and is down 2
percent so far this week.
* LME COPPER: Three-month copper on the London Metal
Exchange rose 0.4 percent to $6,956 a tonne, having
fallen by 1.3 percent in both the two previous sessions. It
earlier marked $6,905, also its lowest since Feb. 13.
* OTHER METALS: Shanghai zinc and nickel
shrugged off early losses to turn positive after the
Caixin/Market PMI survey came out, rising 0.2 percent and 0.3
percent respectively.
* MONGOLIA: The Oyu Tolgoi copper and gold mine in
Mongolia's southern Gobi Desert will lift force majeure
effective March 1 and majority owner Turquoise Hill Resources
Ltd said on Wednesday that it expected to make up any
sales-related effects over the next few quarters.
* VALE: Brazil's Vale, the world's No.1 nickel
producer, plans to save well over $150 million by reducing costs
across its nickel operations, which have notched positive cash
flow for the past two months, company executives said.
* SOUTH AFRICA: South Africa's new mining minister Gwede
Mantashe said on Wednesday he would finalise the latest version
of an industry charter which lays out requirements for black
ownership levels and other targets in the next three months.
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MARKETS NEWS
* Asian stocks fell on Thursday after Wall Street marked its
worst monthly performance in two years as the impact from new
Federal Reserve chief Jerome Powell's hawkish-sounding comments
reverberated across the broader risk asset markets.
DATA/EVENT AHEAD (GMT)
0850 France Markit manufacturing PMI Feb
0855 Germany Markit/BME manufacturing PMI Feb
0900 Euro zone Markit manufacturing PMI final Feb
1000 Euro zone Unemployment rate Jan
1330 U.S. Personal income Jan
1330 U.S. Weekly jobless claims
1500 U.S. Construction spending Jan
1500 U.S. ISM manufacturing PMI Feb
1500 U.S. Fed Chairman Jerome Powell delivers
semi-annual monetary policy testimony
before Senate Banking Committee
PRICES
BASE METALS PRICES 0459 GMT
Three month LME copper 6956
Most active ShFE copper 52490
Three month LME aluminium 2139.5
Most active ShFE aluminium 14365
Three month LME zinc 3461
Most active ShFE zinc 26475
Three month LME lead 2499
Most active ShFE lead 19095
Three month LME nickel 13800
Most active ShFE nickel 105280
Three month LME tin 21580
Most active ShFE tin 147530
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 1138.1
LME/SHFE ALUMINIUM LMESHFALc3 -1379.83
LME/SHFE ZINC LMESHFZNc3 481.46
LME/SHFE LEAD LMESHFPBc3 -34.38
LME/SHFE NICKEL LMESHFNIc3 1673.8
($1 = 6.3352 Chinese yuan renminbi)
($1 = 6.3390 Chinese yuan renminbi)
(Reporting by Tom Daly
Editing by Joseph Radford)