London 01/09/2016 - Base metals ended Thursday's LME trading session mostly in positive territory after upbeat Chinese data boosted sentiment, traders said.
The official Chinese manufacturing PMI at 50.4 was better than the forecast 49.9 while the Caixin manufacturing PMI was on target at 50.
"However, the reading captures activity that is concentrated mostly in large government-sponsored enterprises and may not be indicative of a general pick-up in manufacturing as a whole," INTL FCStone analyst Edward Meir warned.
In other data, the EU final manufacturing PMI at 51.7 was only slightly below the forecast 51.8.
US data today was mostly disappointing - Challenger job cuts came in at -21.8 percent, the final manufacturing PMI was 52, the ISM manufacturing PMI was 49.4 and ISM manufacturing prices came in at 53. Construction spending was also below expectations at 0 percent.
But revised nonfarm productivity was as expected at -0.6 percent while unemployment claims were better than forecast at 263,000. Revised unit labour costs exceeded expectations at 4.3 percent.
Investors are now awaiting the monthly US payrolls release scheduled for tomorrow for more direction. The market expects August's non-farm employment change at 186,000.
In the metals, copper concluded at $4,630 per tonne, up $13 on Wednesday's close. Earlier this week, the metal tested $4,600, pressured lower by an increase in short position holders and a spike in LME stocks that some market participants believe signals a demand slowdown in China.
More than 12,000 lots changed hands on Select by the kerb close.
Stocks rose for the eighth consecutive day, up 11,250 tonnes at 304,775 tonnes and the highest since October 9. Again, the move was centred on Asia - Busan inventories rose 8,200 tonnes to 74,525 tonnes and Gwangyang 6,850 tonnes to 45,450 tonnes.
But talk of some mine closures and reports of a vote to strike at a mine in Chile have supported prices.
Aluminium ended $1 lower at $1,615 - earlier it dropped below the key $1,600 level for the first time since the end of July on worries about oversupply. Stocks and cancelled warrants both fell 6,650 tonnes to 2,227,400 tonnes and 892,275 tonnes respectively.
Zinc at $2,338 was $28 higher and its strongest since May 2015. Stocks and cancelled warrants both slipped 850 tonnes to 451,100 tonnes and 22,175 tonnes respectively.
Lead closed at $1,930, up $25.50 - its highest since June 2015. Stocks edged 25 tonnes lower to 187,275 tonnes.
Nickel concluded $145 higher at $9,910 after stocks fell 1,020 tonnes to 369,096 tonnes and cancelled warrants climbed 1,878 tonnes to 110,226 tonnes.
Tin climbed to its strongest since January 2015 today - it was last at $19,125, up $250. Headline stocks were unchanged but cancelled warrants rose 150 tonnes to 1,710 tonnes.
Steel was last indicated at $300/325 and cobalt and molybdenum at $25,000/25,500 and $16,000/16,500 respectively. Cobalt stocks and cancelled warrants down dropped five tonnes to 630 tonnes and 94 tonnes respectively.
(Additional reporting by Kathleen Retourne, editing by Mark Shaw)