Copper Futures Fall To One Month Low

Copper futures recovered from their weakest level in nearly a month on Wednesday after a private survey showed growth in Chinas manufacturing sector unexpectedly picked up in April, brightening the demand outlook in the top user of the metal. Three-month copper on the London Metal Exchange was up 1.2 percent at $ 6,829 per tonne.

The Caixin/Markit Manufacturing Purchasing Managers index (PMI) climbed to 51.1 in April from a four-month low of 51.0 in March, and topped economists forecast for a modest slowdown to 50.9. But the same survey showed a sub-index on export orders shrinking for the first time since November 2016. An official PMI survey on Monday also showed slower shipment orders last month.

Investors are also awaiting the statement from the U.S. Federal Reserve when its two-day policy meeting concludes later on Wednesday. While the Fed is widely expected to keep the benchmark interest rate on hold, it looks certain to raise it again next month, given signs of possible acceleration in the U.S. economy.