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RTRS:RPT-METALS-LME Copper steadies after Greek vote
 
* LME copper steady after previous 2.7 pct rally on
Wednesday
* Coming up: Eurozone Inflation, flash yy, Jun; 0900 GMT
By Carrie Ho
SHANGHAI, June 30 (Reuters) - LME copper steadied on
Thursday after early profit taking following its biggest one-day
rally in more than two weeks after the Greek parliament voted to
accept austerity measures.
Three-month copper on the London Metal Exchange
edged down 0.1 percent to $9,315 a tonne by 0347 GMT, after
jumping 2.7 percent in the previous session in the leadup to the
Greek austerity vote. LME copper is on track for a gain of
around 1 percent in June after three straight monthly losses.
"LME copper prices are going through a normal technical
downturn," Shanghai Dongzheng futures analyst Du Xiao Hua said.
The most-active September copper contract on the Shanghai
Futures Exchange shot up nearly 2 percent to 69,440 yuan
per tonne by its midday close, on track to its third consecutive
day of gains. It is also heading for a monthly gain of more than
1 percent in June after three consecutive monthly losses.
"Shanghai copper is benefiting from a spillover of positive
sentiment from a rally in equities," Du added.
The Nikkei was up along with the MSCI index of
Asia-Pacific shares outside Japan and the
Shanghai composite index , which rose nearly 1.3 percent
after closing 1.1 percent lower in the previous session.
Greece's parliament approved the first of two austerity
measures on Wednesday despite worsening street violence, in a
vote vital to winning fresh international aid so it stave off
default. The second vote is scheduled for
Thursday.
Though one analyst cautioned that Greece is not out of the
woods yet.
"We should not lose sight of the fact that the Greek
"resolution" is really just a financial band-aid designed to
postpone the strong likelihood of default," MF Global analyst
Senior Commodity Metals Analyst said in a recent note.
"Buying commodities on the back of a short-term 'success
story' for Greece is a dicey proposition at best, particularly
when the more important macroeconomic backdrop is painting a
more bearish picture," he added in the note.
The euro rose to fresh two-week highs against the dollar in
Asia on Thursday, swept higher by a wave of stop-loss buying and
extending a rally after the Greek vote.

Base metals prices at 0347 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 9315.00 -5.00 -0.05 -2.97
SHFE CU FUT SEP1 69440 1360 +2.00 -3.35
LME Alum 2538.00 6.00 +0.24 2.75
SHFE AL FUT SEP1 17140 40 +0.23 1.78
HG COPPER JUL1 422.20 1.25 +0.30 -4.90
LME Zinc 2310.00 -7.00 -0.30 -5.87
SHFE ZN FUT SEP1 17745 270 +1.55 -8.88
LME Nickel 23150.00 75.00 +0.33 -6.46
LME Lead 2630.00 -4.00 -0.15 3.14
SHFE PB FUT 17160 185 +1.09 -6.49
LME Tin 25845.00 0.00 +0.00 -3.92
LME/Shanghai arb 1000

Shanghai and COMEX contracts show most active months
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE
third month
Shanghai lead launched on March 24

Source