* French banks agree to rollover Greek debt
* Euro gains, but Greek votes will keep it choppy
* Coming up: U.S. CaseShiller home price data; 1300 GMT
(Updates prices, add comment, pvs Shanghai)
By Marie-Louise Gumuchiann
LONDON, June 28 (Reuters) - Copper edged up on Tuesday as an
agreement by French banks to rollover Greek debt boosted the
euro but caution remained ahead of Greece's vote on austerity
measures later in the week.
Three-month copper on the London Metal Exchange (LME)
CMCU3 traded at $9,005 a tonne by 0930 GMT from $8,970 at
Monday's close.
"There is some sort of optimism to be found in markets
currently and that is benefitting commodities," Danske Bank
analyst Christin Tuxen said.
France offered a radical solution on Monday for banks to
roll over some Greek debt for 30 years as the Greek government
fought for political support of its five-year austerity plan to
avert bankruptcy. [ID:nLDE75P0BM]
The euro inched up but traders said gains could lose steam
on uncertainty over whether Greece's parliament will approve
austerity steps. [FRX/]
Any new financial rescue for Athens, including official
lending and private sector participation, depends on the Greek
parliament approving this week a five-year austerity plan and
legislation to implement structural reforms and privatization .
In macroeconomic news that may affect prices via currencies,
investors will watch out for data out of the world's largest
economy, with U.S. consumer confidence for June and S&P
Case/Shiller Home Price Index for April due later on Tuesday.
In the weeks ahead, the European Central Bank looks all but
certain to raise interest rates in July. [ECB/INT]
"What has been weighing for commodities for a while is that
investor appetite has been waning somewhat -- both with risk
appetite lower in general and also with the prospect of central
banks hiking interest rates," Tuxen said.
"That has really been hurting commodities in recent months
and that is something that could continue for a while going
forward."
COPPER STOCKS
Lower copper stocks at LME warehouses were also supportive
to prices. Latest data showed copper inventories fell 2,150
tonnes to 468,375 tonnes. But levels are still about 35 percent
higher than in December. MCU-STOCKS
In tin, cancelled warrants, metal tagged for removal from
LME warehouses, jumped 2,460 tonnes in Singapore. <0#MSNSTX-LOC>
The discount for the tin cash contract against the benchmark
three months contract settled at $68 on Monday, the widest
levels in more than a year. MSN0-3
Japanese shipments of aluminium products rose 0.8 percent in
May from a year earlier to 166,885 tonnes, industry data showed,
helped by a recovery in some production after the destructive
March earthquake. [ID:nL3E7HS03R]
"More data are showing that Japan has meanwhile recovered
from the heavy earthquake disaster in March," Commerzbank said
in a note. "... Like copper, this trend is attributable to
higher demand, which has recovered at a faster pace than
initially thought."
Aluminium CMAL3 traded at $2,524.25 from $2,510 a tonne,
while zinc CMZN3, used in galvanizing steel, traded at
$2,258.75 from $2,254 a tonne.
Battery material lead CMPB3 was at $2,575.50 from $2,570 a
tonne and tin CMSN3 was at $25,200 from $25,100 a tonne.
Nickel CMNI3 traded at $22,425 from $22,225 a tonne.
Metal Prices at 0931 GMT
Comex copper in cents/lb, LME prices in $/T and SHFE prices
in yuan/T
Metal Last Change Pct Move End 2010 Ytd Pct
move
COMEX Cu 406.60 1.45 +0.36 444.70 -8.57
LME Alum 2512.00 2.00 +0.08 2470.00 1.70
LME Cu 8970.00 0.00 +0.00 9600.00 -6.56
LME Lead 2567.00 -3.00 -0.12 2550.00 0.67
LME Nickel 22175.00 -50.00 -0.22 24750.00 -10.40
LME Tin 25075.00 -25.00 -0.10 26900.00 -6.78
LME Zinc 2253.00 -1.00 -0.04 2454.00 -8.19
SHFE Alu 17045.00 75.00 +0.44 16840.00 1.22
SHFE Cu* 67170.00 330.00 +0.49 71850.00 -6.51
SHFE Zin 17360.00 170.00 +0.99 19475.00 -10.86
** Benchmark month for COMEX copper
* 3rd contract month for SHFE AL, CU and ZN
SHFE ZN began trading on 26/3/07
