Copper declines as Chinese factories reduce activities

Copper prices fell on Friday as the dollar climbed, following data that showed Chinese factories reduced activities by the fastest rate in two years.

China is the world's largest copper consumer, and it's considered a vital index for the vitality of the global economy.

Copper received support from the Ukrainian war as Russia is one of the major copper exporters, with western sanctions on Russia leading to copper gains.

Copper is expected to keep gaining ground in the next few months amid supply shortages and higher demand from most economies.

China however is bucking the trend, with the manufacturing PMI slumping to 48.1 from 50.4.

The dollar index rose 0.3% to 98.6 as of 14:09 GMT, with an intraday high at 98.6.

A higher dollar pressures commodities and minerals and makes them more expensive to holders of other currencies.

Copper futures due in May fell 0.8% as of 14:04 GMT to $4.71 a pound.