Reuters
Melbourne
Copper fell for a second session on Wednesday as weak global manufacturing activity unsettled markets only recently soothed by signs of a possible pickup in China´s economy.
Global manufacturing growth almost stalled last month as rising prices halted an upturn in new orders, a survey showed.
In China, factory activity shrank for a 14th consecutive month in April, according to a private survey, presenting a mixed picture of the health of the world´s No.2 economy and top copper consumer.
"Disappointing manufacturing data in China raised some doubts in investors´ minds after the strong rally in recent weeks," ANZ said in a note. "The recent disappointing data raises some doubt that conditions are conducive to further gains in prices. This should see investors liquidate positions in the coming days. "Three-month copper on the London Metal Exchange had slipped 0.5 percent to $4,896 a tonne by 0706 GMT, adding to 2.6-percent losses from the previous session.
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