Copper slips

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.