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By Mai Nguyen
SINGAPORE, April 30 (Reuters) – Most industrial metals traded in a tight range on Tuesday after data showed growth in China’s factory activity unexpectedly slowing in April, suggesting the economy is struggling to regain traction.
China’s official Purchasing Managers’ Index (PMI) fell to 50.1 in April from 50.5 in March, below expectation that the PMI would be unchanged from March’s reading. It pointed to continued but modest expansion despite a flurry of support measures.
A private business survey also showed China’s factory activity surprisingly cooling in April as export orders and employment decreased. The Caixin/Markit PMI fell to 50.2 from 50.8 in March, below expectations for a rise to 51.0.
Benchmark copper rose 0.1 percent to $6404.50 a tonne