RTRS:METALS-Shanghai copper steady, investors eye US data
KUALA LUMPUR, Dec 27 (Reuters) - Shanghai copper was
steady on Tuesday, after dropping more than 1 percent in the
previous session in its biggest one-day decline in a week, while
investors kept an eye on U.S. data for clues on the health of
the world's largest economy.
FUNDAMENTALS
* The most-traded March copper contract on the Shanghai
Futures Exchange gained 0.14 percent to 55,280 yuan
($8,700) a tonne by 0136 GMT. Prices have tumbled 23 percent so
far this year, after gaining in the last two years.
* The London Metal Exchange was closed on Tuesday in lieu of
Christmas day.
* Workers at Freeport McMoran Copper & Gold Inc's mine in
Indonesia may delay returning to work, despite a deal to end a
three-month strike, in the absence of a decision on the removal
of about 100 workers at a local unit, a union official said on
Monday.
* Copper inventories in warehouses monitored by the Shanghai
Futures Exchange rose 3.4 percent on Dec. 23 from a week
earlier, the exchange said on Friday.
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MARKETS NEWS
* New orders for U.S. durable goods soared in November and
new home sales hit a seven-month high, although consumer
spending was tepid and a gauge of business investment fell for a
second straight month, data on Friday showed.
* Investors will be looking for more positive signs from
data this week, including the S&P Case-Shiller house price index
for October and consumer confidence for December.
* Asian shares were steady on Tuesday in thin volume as
investors took to the sidelines before U.S. markets reopen later
in the day from a long weekend and data which could offer clues
over growth prospects in the world's largest economy.
* The euro was steady around $1.3050, staying well above its
11-month trough of $1.2945 hit earlier this month.
DATA/EVENTS (GMT)
2130 U.S. Midwest manufacturing Nov
2300 U.S. consumer confidence Dec
Base metals prices at 0136 GMT
Metal Last Change Pct Move YTD pct chg
SHFE CU FUT MAR2 55280 80 +0.14 -23.06
SHFE AL FUT MAR2 15875 75 +0.47 -5.73
SHFE ZN FUT APR2 14750 75 +0.51 -24.26
SHFE PB FUT 15160.00 60.00 +0.40 -17.38
($1 = 6.3364 Chinese yuan)
