London copper rebounds from two-week low on positive China data

SHANGHAI, April 1 (Reuters) - London copper prices rose on Tuesday, rebounding from a two-week low hit in the previous day, as positive Chinese economic data outweighed concerns about a potential global trade war triggered by impending reciprocal tariffs by U.S. President Donald Trump.

The Caixin/S&P Global manufacturing PMI climbed to 51.2 in March from 50.8 in February, driven by increased demand and strong export orders, reflecting growth in manufacturing despite potential threats from the escalating U.S. trade war.

The benchmark three-month copper CMCU3 on the London Metal Exchange (LME) had risen 0.7% to $9,781.5 per metric ton as of 0711 GMT, rebounding from Monday's two-week low.

Trump said on Sunday that the reciprocal tariffs he plans to introduce this week will apply to all nations.

"Everyone is closely watching what President Trump is set to announce tomorrow. This has led to a risk-off sentiment due to the looming uncertainties," a base metals trader said.

Copper prices also found support from a shortage of copper concentrate, which has resulted in negative copper concentrate processing treatment and refining charges (TC/RCs).

TC/RCs, a key source of revenue for smelters, are a gauge of availability for copper concentrates. Lower TC/RCs imply tight supply.

Shanghai Metals Market copper concentrates TC/RC index was -$24.14 per ton and -2.41 cents per pound on March 28.

Meanwhile, tin SSNcv1 on the Shanghai Futures Exchange was the outperformer, rising by 0.5% to 287,480 yuan ($39,555.30), due to fears of supply disruptions from an earthquake in tin-rich Myanmar last Friday.

Among other metals, LME aluminium CMAL3 added 0.4% to $2,543 a ton, lead CMPB3 gained 0.1% to $2,013, zinc rose 0.4% to $2,863, tin CMSN3 lost 0.3% to $36,550 and nickel CMNI3 was up 1.7% to $16,195 a ton.

SHFE copper SCFcv1 gained 0.1% to 80,430 yuan a ton, SHFE aluminium SAFcv1 was flat at 20,525 yuan a ton, zinc SZNcv1 added 0.4% to 23,615 yuan, lead SPBcv1 was flat at 17,410 yuan, nickel SNIcv1 lost 0.1% to 130,360 yuan.

($1 = 7.2678 Chinese yuan renminbi)

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