The most-traded June copper contract on the Shanghai Futures Exchange also struck its highest since early January before easing to 43,910 yuan ($7,072) a tonne on Tuesday, still up 1.5 percent. Activity in China's factory sector dipped to an 11-month low in March as new orders shrank, a private survey showed, signalling persistent weakness in the world's second-largest economy that will likely fuel calls for more policy easing to support growth.
"People are still questioning the strength in demand. But if I was a Chinese consumer, I would be trying to stockpile as much as possible at these low price levels because they are only going higher given the dollar," said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney.
Demand for nickel pig iron (NPI) in China has not picked up as strongly as expected after the Lunar New Year holidays, Chinese industry sources said, while China's refined nickel imports jumped by a third in January to more than 10,000 tonnes.
"Metals trade data has been symptomatic of the softness in manufacturing activity, with consumers keeping purchases to a minimum due to uncertainty over future demand," said Jefferies.
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