METALS-Copper slips for second day as stimulus rally sputters
SINGAPORE, Sept 18 (Reuters) - Copper fell for a second straight session on Tuesday as a rally in the wake of fresh U.S. stimulus began to splutter, with traders from top metals consumer China unwilling to chase prices that last week hit the highest since May. FUNDAMENTALS * Three-month copper on the London Metal Exchange slipped by 0.39 percent to $8,270 a tonne by 0111 GMT adding to modest losses seen in the previous session. Copper on Friday rose to $8,411 a tonne, its highest since May 2 and its biggest single day rally since June. * The most-traded January copper contract on the Shanghai Futures Exchange slipped 0.45 percent to 59,550 yuan ($9,400) a tonne. * Factory activity in New York state contracted for a second month in a row in September, falling to its lowest level in nearly 3-1/2 years as new orders shrank further, a report from the New York Federal Reserve showed on Monday. * President Barack Obama on Monday said the United States was challenging Chinese auto and auto-parts subsidies that threatened American jobs as he campaigned in Ohio, an auto manufacturing state that could be decisive in the November presidential election. * China will increasingly conduct monetary policy using price-based tools such as interest and currency rates rather than quantitative mechanisms, according to a blueprint of financial reforms expected between 2011 through 2015 which was published on Monday. * Fortescue Metals Group FMG.AX, the world's No.4 iron ore miner, has lined up $4.5 billion in debt and said several firms expressed interest in partnering in some of its assets, as it moved quickly to shore up funding to cope with a slump in iron ore prices. * For the top stories in metals and other news, click , or MARKETS NEWS * Asian shares retreated from four-month highs on Tuesday as markets paused from last week's rallies, calculating the impact on growth from the Federal Reserve's aggressive stimulus and eyeing whether Spain will request a bailout to ease its fiscal strains. * Japan's Nikkei average was flat on Tuesday as support from a weaker yen offset concerns over companies with large exposure to China, stirred by an escalation of anti-Japan protests as tensions rose over a territorial dispute between the two countries * The dollar hung near seven-month lows against major currencies on Monday after last week's Federal Reserve announcement of aggressive easing dampened the outlook for the U.S. currency. * Oil fell nearly $3 on Monday in a wild session that saw Brent plunge more than $5 a barrel in a wave of late, high-volume selling before paring losses as markets sought an explanation for the sudden crash. DATA/EVENTS (GMT) 0900 Germany ZEW economic sentiment Sept 1145 U.S. ICSC weekly chain store sales 1230 U.S. Current account Q2 1255 U.S. Redbook weekly retail sales 1400 U.S. NAHB housing market index Sept 2030 U.S. API weekly crude stocks PRICES Base metals prices at 0111 GMT Metal Last Change Pct Move YTD pct chg LME Cu 8270.00 -32.00 -0.39 8.82 SHFE CU FUT JAN3 59550 -270 -0.45 7.57 HG COPPER DEC2 376.70 -2.50 -0.66 9.63 LME Alum 2156.00 -11.00 -0.51 6.73 SHFE AL FUT DEC2 15785 -50 -0.32 -0.38 LME Zinc 2079.00 -10.00 -0.48 12.68 SHFE ZN FUT DEC2 15640 -75 -0.48 5.71 LME Nickel 17940.00 -280.00 -1.54 -4.12 LME Lead 2248.00 -9.00 -0.40 10.47 SHFE PB FUT 15965.00 -135.00 -0.84 4.45 LME Tin 21401.00 -174.00 -0.81 11.46 LME/Shanghai arb^ 1593 Shanghai and COMEX contracts show most active months ($1 = 6.3173 Chinese yuan) (Reporting by Melanie Burton; editing by Miral Fahmy)
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