METALS-Copper rangebound as upbeat China data offsets rising inflation concerns

BEIJING, April 30 (Reuters) - Copper prices were rangebound on Thursday, as a boost from upbeat factory data in top consumer China was offset by further concerns about inflation and global economic growth amid fears of a potential escalation in the Middle East war.

Benchmark three-month copper CMCU3 on the London Metal Exchange rose 0.5% to $13,069 per metric ton by 0752 GMT, following five straight days of losses.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 erased earlier gains to close daytime trade down 0.23% at 101,030 yuan ($14,779.54) per ton.

China's manufacturing sector expanded in April at its fastest pace since the end of 2020, with the monthly reading at 52.2, higher than analysts' forecast of 51, thanks to stronger output and surging new orders, a private survey showed on Thursday.

The official factory data also pointed to a second straight monthly expansion in April.

Additional price support came from supply-side risks linked to the Iran war, especially constraints on raw materials such as sulphur, ING said in a note.

However, gains were capped as soaring energy prices rekindled concerns about a potential global economic recession amid the war, which would dent appetite for metals.

U.S. President Donald Trump is slated to receive a briefing on Thursday on plans for a series of military strikes on Iran in hopes it will return to negotiations on its nuclear programme, according to an Axios report late on Wednesday.

Among other LME metals, aluminium CMAL3 shed 0.19%, nickel CMNI3 gained 1.11%, lead CMPB3 added 0.26%, tin CMSN3 rose 1.52%, and zinc CMZN3 advanced 0.39%.

Other SHFE metals mostly lost ground amid risk-off sentiment, with the Shanghai bourse closed from May 1 to May 5 for China's May Day holiday.

Aluminium SAFcv1 dipped 0.57%, nickel SNIcv1 slipped 1.13%, lead SPBcv1 fell 0.69%, zinc SZNcv1 slid 0.9%, while tin SSNcv1 gained 0.83%.

($1 = 6.8358 Chinese yuan renminbi)