* Concerns on euro zone's debt crisis persist * Strikes in Peru, Indonesia support sentiment * LME copper may rise to $8,769 -technicals * Coming Up: U.S. consumer prices; 1230 GMT (Updates prices) By Rujun Shen SINGAPORE, Sept 15 (Reuters) - LME copper eased off from a 1-percent rise and Shanghai copper fell to a five-week low on Thursday, as investors stayed skeptical of the euro zone's progress in resolving a sovereign debt crisis and shrugged off news of strikes at two large mines. Some risk appetite had returned earlier in the day, after Germany and France voiced support for Greece and the European Commission said it would soon present plans for a common euro zone bond. Workers launched strikes at two of the world's largest copper mines, Cerro Verde in Peru, which mines two percent of world copper supply, and Grasberg in Indonesia, the world's third-largest, both run by Freeport McMoran . The strikes were supportive of sentiment, but overshadowed by concerns about slower growth globally, especially in Western countries. "Because these countries have a very subdued growth outlook, people are probably not too concerned by copper supply and strike action in places like South America and Indonesia, like they were two or three years ago," said Tom Price, global commodity analyst at UBS. Still, analysts warn the strikes could increase the volatility of copper prices, which have fallen nearly 15 percent from a record high in February due to the slowdown in developed countries. Three-month copper on the London Metal Exchange rose to as high as $8,727 and eased to $8,645 a tonne by 0701 GMT, up 0.1 percent from the previous close. The most-active Shanghai copper futures contract SCGcv1 dipped to 64,700 yuan a tonne, its lowest since Aug. 9, and closed nearly flat at 65,080 yuan. The Relative Strength Index on Shanghai copper remained below 30, suggesting the market was oversold. Debt problems in the European Union are raising the risk to a bullish view for commodities, but a deeper recessionary event would be required to derail the outlook, a Goldman Sachs economist said. Investors are watching a policy meeting by the U.S. Federal Reserve on Sept. 20-21 for clues whether the central bank will deploy further easing measures to spur economic growth. "Sentiment in the market has been weakened, mainly by the European debt problem," said Lin Yuhui, deputy general manger of Jinhui Futures in China. "The mood is unlikely to turn around quickly, unless we hear something encouraging from the Fed." China, the world's largest copper consumer, reported record-high output of refined copper in August, and a seven-month high in copper imports. But some doubted the rosy picture could withstand the gloom pervading the global economy. "If the Fed can't satisfy the markets and orders that exporters receive at next months' Canton Fair are lacklustre, copper will continue to weaken towards the end of the year," said a Shanghai-based trader. "There is very little prospect for good news for copper in the next few months." Canton Fair is the largest trade fair in China, set to run from mid-October to early November. Base metals prices at 0701 GMT Metal Last Change Pct Move YTD pct chg LME Cu 8645.00 10.00 +0.12 -9.95 SHFE CU FUT NOV1 65080 30 +0.05 -9.42 LME Alum 2363.00 3.00 +0.13 -4.33 SHFE AL FUT NOV1 17485 50 +0.29 3.83 HG COPPER DEC1 391.00 0.95 +0.31 -11.93 LME Zinc 2170.50 9.50 +0.44 -11.55 SHFE ZN FUT NOV1 16750 40 +0.24 -13.99 LME Nickel 21334.00 -41.00 -0.19 -13.80 LME Lead 2343.00 0.00 +0.00 -8.12 SHFE PB FUT 16130 -90 -0.55 -12.10 LME Tin 23430.00 80.00 +0.34 -12.90 LME/Shanghai arb -463 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