(Updates with official prices)
By Polina Devitt
LONDON, April 30 (Reuters) - Copper prices in London
fell on Tuesday after four sessions of gains, retreating on
slower manufacturing activity growth in top consumer China but
still poised for the largest monthly jump in more than three
years owing to supply concerns.
Benchmark copper on the London Metal Exchange (LME)
was down 0.6% at $10,070.50 a metric ton in official open-outcry
trading after touching a two-year high of $10,208.
Copper is the only LME base metal maintaining usual turnover
levels in otherwise thin trading, with the Shanghai Futures
Exchange closing for a public holiday over May 1-5, said
Alastair Munro at broker Marex.
"Cocoa's 15% plunge yesterday and the recent corrections in
gold and oil are worthy reminders that we can't just go up in a
straight line," he added
Copper prices are on track for a 13% gain this month, their
biggest since February 2021, after BHP Group's ( BHP ) bid for
Anglo American focused attention on future supply
tightness from rising demand for energy transition and
artificial intelligence.
However, concerns remain over current Chinese demand
with little sign yet of tight supplies. The global
copper market is expected to be in surplus this year and in
2025, the International Copper Study Group said on Monday.
Aluminium fell 0.6% to $2,575.5 a ton, shrugging off
daily data showing that available stocks in LME-registered
warehouses dropped to 131,875 tons, the lowest in
at least 26 years, with 21,500 tons marked to be sent out.
Inventories of the metal have been subject to so-called rent
share deals in April, sources said this month, with traders
taking Russian-made aluminium from the warehouses and returning
it at a later date.
In other metals, zinc lost 0.4% to $2,930.50 a ton,
lead slipped 0.5% to $2,220, tin was down 1.4%
at $32,100 and nickel edged up 0.1% to $19,160.