METALS-LME copper hovers near 5-mth peak, consolidates gains
SYDNEY, July 9
SYDNEY, July 9 (Reuters) - London copper prices steadied on Wednesday near their highest in almost five months, underpinned by shrinking supply and improving prospects for global growth.
* Three-month copper on the London Metal Exchange had edged up 0.2 percent to $7,146.75 a tonne by 0109 GMT, from the previous session when it hit its highest since Feb. 19 at $7,212 a tonne. Prices are now inching towards the February top of $7,220, which would open the way to levels last seen in late January.
* The most-traded September copper contract on the Shanghai Futures Exchange climbed 0.1 percent to 51,030 yuan ($8,200) a tonne, with momentum falling short of fresh five-month peaks in overnight trade.
* Among other metals, LME aluminium and zinc settled down from respective 13-month and near three-year highs tipped on Tuesday. ShFE zinc hit a fresh 16-month peak overnight, but ShFE aluminium ignored London's lead to stagnate.
* U.S. small business sentiment weakened in June, pulling back from a six-year high because firms felt less confident the economy would improve in the coming months.
* China's central bank has reinforced the country's controls on interbank lending by instructing the headquarters of banks to keep close tabs on this area, according to two sources with knowledge of the matter.
* Alcoa Inc has increased its estimate for the global aluminum market deficit this year due to capacity cuts in China, the world's No. 1 producer, a senior executive said on Tuesday in a conference call to discuss second-quarter earnings.
* The global refined copper market is expected to see a deficit in 2014, versus earlier projections of a surplus, on strong demand and lower operating rates at smelters in top producer China, the head of Japan's JX Nippon Mining & Metals Corp said.
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* Asian stocks fell on Wednesday after U.S. stocks skidded, while a drop in U.S. Treasury yields kept up pressure on the dollar.
0130 China PPI y/y June
0130 China CPI y/y June
1100 US MBA Mortgage House Index
1800 FOMC minutes
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Three month LME tin ($1 = 6.2010 Chinese Yuan Renminbi) (Reporting by Melanie Burton; Editing by Joseph Radford)