METALS-Copper falls on China data, stimulus worries

SINGAPORE, Aug 1 (Reuters) - London copper slipped on
Wednesday after disappointing Chinese manufacturing data and as
expectations faded for monetary stimulus this week in the United
States and Europe.

FUNDAMENTALS
* Three-month copper on the London Metal Exchange
had fallen 0.63 percent to $7,512.25 a tonne by 0902 GMT, after
closing the previous session little changed and down 1.7 percent
for the month of July.
* The most-traded November copper contract on the Shanghai
Futures Exchange fell 0.67 percent to 54,680 yuan
($8,600) a tonne.
* China's official factory purchasing managers' index
dropped to 50.1 in July, below expectations and
down from 50.2 in June.
* Leading European banks reported dismal profits yesterday,
blaming everything from the continent's debt crisis and Spain's
property market crash to Facebook's disastrous stock market
debut.
* Joblessness in the euro zone on Tuesday hit its highest
level since the single currency was born, a further sign of
economic desperation as hopes erode that the bloc will be saved
by its central bank this week.
* Global miner Rio Tinto is cutting staff in
Australia and closing its Sydney office as it battles falling
commodity prices and threats to demand from Europe's debt
crisis.
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MARKETS NEWS
* U.S. stocks fell on Tuesday, while European shares snapped
a three-day winning streak and oil slipped.
* The G3 currencies were expected to mark time in Asia on
Wednesday, following another listless offshore session as the
Federal Reserve policy decision loomed, a day ahead of the
European Central Bank's own meeting.
* Japan's Nikkei share average opened weak and was expected
to stay in a range.

DATA/EVENTS (GMT)
0100 China NBS Manufacturing PMI Jul
0230 China HSBC Mfg PMI Final Jul
0500 India HSBC Markit Mfg PMI Jul
0743 Italy Markit/ADACI Mfg PMI Jun
0753 Germany Markit/BME Mfg PMI Jul
0758 EZ Markit Mfg PMI Jul
1100 U.S. Weekly mortgage market index
1200 Brazil Industrial output yy Jun
1258 U.S. Markit Mfg PMI Jul
1400 U.S. ISM Manufacturing PMI Jul
1400 U.S. Construction spending mm Jun
1430 U.S. EIA petroleum status report Weekly
1815 U.S. Fed policy decision Jun
Russia HSBC Mfg PMI Jul
U.S. Vehicle sales Jul

PRICES

Base metals prices at 0102 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 7512.25 -47.75 -0.63 -1.15
SHFE CU FUT NOV2 54680 -370 -0.67 -1.23
HG COPPER SEP2 340.30 -1.45 -0.42 -0.96
LME Alum 1886.25 -4.75 -0.25 -6.62
SHFE AL FUT NOV2 15400 -50 -0.32 -2.81
LME Zinc 1842.00 0.00 +0.00 -0.16
SHFE ZN FUT NOV2 14625 -90 -0.61 -1.15
LME Nickel 15813.00 -52.00 -0.33 -15.48
LME Lead 1920.00 0.00 +0.00 -5.65
SHFE PB FUT 0.00 -15070.00 -100.00 -100.00
LME Tin 18100.00 0.00 +0.00 -5.73
LME/Shanghai arb^ 1089

Shanghai and COMEX contracts show most active months

($1 = 6.3627 Chinese yuan)

(Reporting by Melanie Burton; Editing by Joseph Radford)