* LME copper bounces off one-week lows
* Copper is volatile but still range-bound - analysts
* Sentiment dampened by U.S. data and euro zone debt woes
* 1930 U.S. CFTC Commitments of Traders, Weekly <0#CFTC>
(Updates prices, adds quotes and details)
By Carrie Ho
SHANGHAI, Aug 19 (Reuters) - LME copper steadied on Friday,
after dropping more than 2 percent in the previous session as
lingering worries about euro zone debts and lacklustre U.S. data
continued to weigh on sentiment.
Three-month copper on the London Metal Exchange
edged up 0.4 percent to $8,805 a tonne by 0704 GMT, after
falling as low as $8,700, the lowest since Aug. 11.
The most-active November copper contract on the Shanghai
Futures Exchange SCFc3 fell 0.5 percent to 66,350 yuan per
tonne, after falling 0.2 percent in the last session.
"The LME copper market seems to be taking a pause to digest
yesterday's global rout," said Jinrui Futures analyst Zhao Kai.
"I think if ShFE copper doesn't fall below 65,500 yuan in
the near term, there may be some upside soon," he added.
European stocks are slated for another fall on Friday after
Asian stocks slumped on growing fears the U.S. economy was
sliding into recession and as some European lenders faced
short-term funding strains, raising fears of a systemic banking
crisis on the continent.
"Copper is still range-bound today, with support seen at
$8,500 on the LME. Copper did not fall by that much overnight
despite a rout in stocks, which shows that there is a bit of
disconnect between base metals and equities now," CIFCO Futures
analyst Zhou Jie.
"But when the macroeconomic environment is bearish, copper
will move towards its support, and when things calm down, it'll
move towards its resistance level of $9,000 again."
The euro and commodity currencies such as the Australian
dollar came under pressure on Friday after a raft of weak U.S.
economic data and concerns about European banks.
Factory activity in the U.S. Mid-Atlantic region slumped to
a nearly 2-1/2 year low in August and home resales unexpectedly
dropped last month, dampening hopes for a quick revival in
economic growth.
Gold surged to record highs on Friday for a second
consecutive session as investors reached for the safety of
bullion.
Base metals prices at 0704 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 8805.00 31.00 +0.35 -8.28
SHFE CU FUT NOV1 66350 -350 -0.52 -7.65
LME Alum 2337.00 -1.00 -0.04 -5.38
SHFE AL FUT NOV1 17250 45 +0.26 2.43
HG COPPER SEP1 397.30 0.45 +0.18 -10.51
LME Zinc 2179.00 1.00 +0.05 -11.21
SHFE ZN FUT NOV1 16885 -50 -0.30 -13.30
LME Nickel 21360.00 60.00 +0.28 -13.70
LME Lead 2310.00 9.00 +0.39 -9.41
SHFE PB FUT 16600 -70 -0.42 -9.54
LME Tin 22900.00 150.00 +0.66 -14.87
LME/Shanghai arb -465
Shanghai and COMEX contracts show most active months
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE
third month
(Reporting by Carrie Ho; Editing by Sugita Katyal)
