MELBOURNE Oct 19 London copper was holding
above one-month lows on Wednesday, treading water for a third
session as traders sat on the sidelines ahead of key China
economic reports later in the day.
* Three-month copper on the London Metal Exchange
was little changed at $4,678 a tonne by 0040 GMT, after closing
steady in the past two sessions and holding above one-month lows
at $4,623.25 a tonne touched on Friday.
* Shanghai Futures Exchange copper was also little
changed at 37,320 yuan ($5,537) a tonne in the overnight
* Fueled by government spending and a housing frenzy,
China's economic growth likely steadied at 6.7 percent in the
third quarter, but slumping private investment, surging debt and
the risk of a property correction are keeping the government and
global investors on edge.
* U.S. consumer prices recorded their biggest gain in five
months in September as the cost of gasoline and rents surged,
pointing to a steady pickup in inflation that could keep the
Federal Reserve on track to raise interest rates in December.
* Chinese banks extended 1.22 trillion yuan ($181 billion)
in new loans in September, well above expectations and capping a
record nine-month lending spree despite growing concerns about
the risks from the country's ballooning debt.
* BHP Billiton on Wednesday said it was
seeing signs of recovery in commodities markets but cautioned
that supply was still running ahead of demand amid
stronger-than-expected steel consumption in China.
* China's new housing loans to individuals soared to 3.63
trillion yuan ($538.69 billion) in the first nine months, more
than double the level for the same period last year, the central
bank said on Tuesday.
* A new code to govern Brazil's mining industry, which was
first proposed in 2009 but has never made it past Congress,
would create further uncertainty in the struggling sector and
must be re-worked, the interim Mines and Energy minister said on
* The total net long position of funds trading copper on the
London Metal Exchange fell to 36,019 lots last Friday from a net
long position of 38,602 lots the previous week, the LME's
Commitments of Traders Report (COTR) showed on Tuesday.
* For the top stories in metals and other news, click
* Asian shares inched ahead on Wednesday after Wall Street
got a lift from encouraging corporate earnings and investors
wagered a coming barrage of Chinese data would confirm the
economy had at least stabilised.
0200 China GDP Q3
0200 China Industrial output Sept
0200 China Retail sales Sept
0830 UK Jobless rate (ILO) Aug
1230 US Housing starts Sept
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
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
($1 = 6.7401 Chinese yuan renminbi)
(Reporting by Melanie Burton; Editing by Joseph Radford)