Beckett Bronze Company was incorporated May 21, 1913 as the Delaware Brass and Aluminum Company by a group of stockholders which included John Beckett, a molder, and his son, Charles.
By Manolo Serapio Jr MANILA, May 2 (Reuters) - London copper futures recovered from their weakest level in nearly a month on Wednesday after a private survey showed growth in China's manufacturing sector unexpectedly picked up in April, brightening the demand outlook in the top user of the metal. Three-month copper on the London Metal Exchange was up 1.5 percent at $6,849 per tonne by 0706 GMT, after hitting a low of $6,710 on Tuesday, its weakest since April 4. The Caixin/Markit Manufacturing Purchasing Managers' index (PMI) climbed to 51.1 in April from a four-month low of 51.0 in March, and topped economists' forecast for a modest slowdown to 50.9. But the same survey showed a sub-index on export orders shrinking for the first time since November 2016. An official PMI survey on Monday also showed slower shipment orders last month. The data "reflects a deteriorating export market and strengthened domestic consumption" that may cancel each other out and keep gross domestic product growing at 6.5 percent this year as Beijing had forecast, said Helen Lau, analyst at Argonaut Securities. "For the rest of the year, as the export situation may deteriorate, fiscal stimulus and further monetary easing will likely take place so as to protect the 6.5 percent growth target, which in turn will underpin growth for commodity demand," Lau said in a note. SHANGHAI COPPER: The most-traded June copper contract on the Shanghai Futures Exchange slipped 0.8 percent to close at 51,190 yuan ($8,046) a tonne, tracking losses in London in the prior session as Chinese markets reopened after a two-day public holiday. FEDERAL RESERVE: Investors are also awaiting the statement from the U.S. Federal Reserve when its two-day policy meeting concludes later on Wednesday. While the Fed is widely expected to keep the benchmark interest rate on hold, it looks certain to raise it again next month, given signs of possible acceleration in the U.S. economy. U.S. RESTRICTIONS: U.S. officials are pushing for quotas and "other restrictions" on steel and aluminium imports, a top trade official said after the White House announced a month-long extension of tariff exemptions for Canada, Mexico and the European Union. RUSAL: The U.S. Treasury gave investors an additional month to divest or transfer their holdings in sanctions targets major aluminium producer United Company Rusal Plc, En+ Group Plc and GAZ Group. RIO TINTO: The U.S. Treasury's move may greatly reduce the restrictions on Rusal, Rio Tinto Chief Executive Jean Sebastien Jacques said. Rio Tinto, which buys from and sells to Rusal and jointly owns an alumina refinery in Australia, said last month it would declare force majeure on some contracts following the sanctions on Rusal. ALUMINIUM: LME aluminium eased 0.8 percent to $2,243 a tonne while its Shanghai counterpart ended down 0.3 percent at 14,430 yuan. OTHER METALS: LME nickel rose 2.1 percent to $13,935 a tonne and zinc climbed 1.9 percent to $3,110. In Shanghai, nickel advanced 0.8 percent to 105,100 yuan per tonne and zinc gained 0.2 percent to 23,900 yuan. MARKETS: The dollar held near a four-month high against a basket of major currencies, buoyed by the outlook for a strong U.S. economy and rising yields amid signs of slowdown elsewhere, especially in Europe. Asian shares slipped. 0706 GMT Three month LME copper 6849 Most active ShFE copper 51190 Three month LME aluminium 2243 Most active ShFE aluminium 14430 Three month LME zinc 3110 Most active ShFE zinc 23895 Three month LME lead 2329.5 Most active ShFE lead 18585 Three month LME nickel 13935 Most active ShFE nickel 105100 Three month LME tin 21205 Most active ShFE tin 147290 LME/SHFE COPPER LMESHFCUc3 511.57 LME/SHFE ALUMINIUM LMESHFALc3 -2039.45 LME/SHFE ZINC LMESHFZNc3 207.04 LME/SHFE LEAD LMESHFPBc3 299.94 LME/SHFE NICKEL LMESHFNIc3 -495.06 ($1 = 6.3622 Chinese yuan) (Reporting by Manolo Serapio Jr.; Editing by Gopakumar Warrier)
Over 100 Years Experience – Manufacturers of Bronze Bearings, Bushings, and Continuous Cast Bars Since 1913