Reuters reported that London copper futures rose modestly but were heading for their fifth weekly loss in six weeks on persistent worries over a debt crisis in Europe as hopes faded that concrete measures could be reached at a summit later in the day.
Fundamentals;
1. Three month copper on the London Metal Exchange gained 0.3% to USD 7,735.75 per tonne by 0105 GMT. For the week, copper is down 2%.
2. The most-active February copper contract on the Shanghai Futures Exchange dropped 0.9% to CNY 57,340 per tonne.
3. Opposition from Germany and the European Central Bank doused hopes that it would boost its bond-buying to help fight the euro zone's debt crisis had pushed back market expectations for big and bold measures at a leaders' summit in Brussels.
4. Also on tap are Chinese data, including inflation. China's inflation is likely to have eased in November, giving Beijing more room to ease monetary policy and support growth which should boost its raw material demand.
5. Also due out of China are data on industrial output and retail sales, and weaker numbers here could also lead to further easing after last week's reserve requirement ratio cut which was the first in three years. The Chinese economic indicators come out ahead of Saturday's commodity import numbers expected to show an improvement in November after prices fell.
6. Chinese copper smelters hope to convince BHP Billiton, the majority owner of the world's biggest copper mine, to agree to higher treatment and refining charges which its rival Freeport McMoRan set for 2012.
7. Indonesia's refined tin exports plunged 75% in November from a year ago following a self-imposed ban by smelters on shipments from the world's top exporter.
