LONDON, Sept 14 (Reuters) - Copper was steady in early European trade on Tuesday, underpinned by a softer dollar and solid industrial growth figures from China, the world's top copper consumer.
European shares firmed, reflecting an improvement in risk appetite, while traders said investors were tracking macro data for more clues about the health of the global economic recovery.
"We've got further room to go higher," an LME trader said. "But macro data from Europe and the United States will be key. If we see good data, we might go towards last week's highs," he said.
The metal, used extensively in construction and wiring, hit a four-month high of $7,750 a tonne last week.
Demand prospects for the metal were bolstered on Monday by news that China's industrial production rose 13.9 percent year on year, rebounding after slowing to 13.4 percent in July. [ID:nSGE685069]
PRICES
* Copper for three-months delivery on the London Metal Exchange was at $7,628 a tonne by 0744 GMT, versus a close of $7,630 a tonne on Monday.
* Three-month aluminium was at $2,138 a tonne from $2,130 a tonne.
DATA/EVENTS
* U.S. retail sales data for August due at 1230 GMT.
* U.S. weekly Redbook due at 1255 GMT.
* Euro zone industrial production for July due at 0900 GMT.
* Germany ZEW economic sentiment index for September due at 0900 GMT.
* BERLIN - ECB Governing Council member Axel Weber gives introductory remarks at the 7th Bundesbank Lecture (1500 GMT)
* BERLIN - German Finance Minister Wolfgang Schaeuble opens a debate in parliament on Germany's 2011 budget.
* BRUSSELS - EU Commissioner for economic and monetary affairs Olli Rehn delivers concluding remarks at the Economic Growth for Better Quality of Life in Europe conference.
* PRAGUE - Metal Bulletin's 13th Central & Eastern European Steel Conference (to Sept 14). Link: here tro/13th-Central-and-Eastern-European-Steel-Conference.html
* The dollar slid to a new 15-year low against the yen on Tuesday ahead of a Japanese ruling party leadership vote in which the prime minister faces a challenge from a proponent of more aggressive fiscal stimulus. [FRX/]
* Asian stocks edged up while the yen rose to a 15-year high on Tuesday ahead of a decisive vote in Japan, leaving unclear whether a rally that lifted global equities to the highest in four months can stay alive. [MKTS/GLOB]
* Oil was steady on Tuesday near one-month highs above $77 ahead of inventory reports expected to show crude stock draws as the shutdown of the biggest Canada-U.S. pipeline enters a fifth day. [O/R]
* European shares turned positive in early trade on Tuesday, with banks reversing earlier losses as investors await the release of economic data from Germany and the U.S. to gauge the pace of recovery. [.EU]
FUNDAMENTALS
* Term premiums for primary aluminium shipments to Japan for October-December were mostly set at $116-$118 per tonne, the lowest since the fourth quarter in 2009 and marking the third straight quarter of declines. [ID:nTOE68D05O]
* Anglo-Australian miner Rio Tinto (RIO.L) (RIO.AX) said on Monday it has raised its stake in Ivanhoe Mines (IVN.TO) to 34.9 percent, following the conversion of a matured convertible credit facility. [ID:nN13206484]
* The annual rate of primary U.S. aluminium production rose 9.4 percent to 1,718,667 tonnes in August from 1,570,783 tonnes in August 2009, but was down 0.2 percent from July's annual rate of 1,722,329 tonnes, the Aluminum Association said Monday. [ID:nN13194695]
TECHNICALS
* Copper support at $7,050, resistance $8,000 and 14-day RSI at 42.8.
* Aluminium support at $2,060, resistance at $2,186 and 14-day RSI 40.4.
(Reporting by Humeyra Pamuk, Editing by Sue Thomas)
