MELBOURNE, April 3 (Reuters) - London copper climbed to a
more than one-week high on Tuesday, finding support from
stronger-than-expected manufacturing growth in top metals user
China, although worries over an escalating trade spat between
Beijing and Washington kept the gains constrained. FUNDAMENTALS:
* London Metal Exchange copper jumped by 1 percent
to $6,777 a tonne by 0136 GMT, having peaked at $6,802 a tonne,
its highest since March 22. Prices clawed back above the 200-day
moving average for the quarter ended on Friday, which rescued
prices from coming under further technical selling pressure. The
London Metal Exchange was closed on Friday and Monday for the
Easter holiday. * Shanghai Futures Exchange copper eased 0.1
percent to 50,230 yuan ($7,992) a tonne. * CHINA OFFICIAL PMI: Growth in China's manufacturing sector
picked up more than expected in March as authorities lifted
winter pollution restrictions and steel mills cranked up
production as construction activity swings back into high gear.
* CHINA CAIXIN: Among smaller to mid-size firms, China's
manufacturing activity expanded at its weakest pace in four
months last month as export demand faltered, prompting companies
to shed staff more quickly as they looked to cut costs.
* TARIFFS: China has increased tariffs by up to 25 percent
on 128 U.S. products, from frozen pork and wine to certain
fruits and nuts, escalating a dispute between the world's
biggest economies in response to U.S. duties on imports of
aluminum and steel. * U.S. ECONOMY: U.S. factory activity slowed in March amid
shortages of skilled workers and rising capacity constraints,
but growth in the manufacturing sector remains underpinned by
strong domestic and global economies. * COPPER SUPPLY: In a signal of plentiful copper mine
supply, China's top copper smelters on Friday lowered their
floor treatment and refining charges (TC/RCs) for copper
concentrate by 10.3 percent for the second quarter of 2018.
* MORE COPPER: Sumitomo Metal Mining Co Ltd, Japan's
second-largest copper smelter, said on Monday it planned to
increase its refined copper output in the financial year that
started on April 1 by 4.6 percent from a year earlier.
* EVEN MORE COPPER: Chile's state copper company, Codelco said on Thursday it produced 1.734 million tonnes of
copper in 2017, its second highest output ever, despite
persistently low ore grades at its aging mines.
