for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

METALS-Shanghai copper up 1 pct on econ recovery hopes

 SHANGHAI, Aug 5 (Reuters) - Shanghai copper rose over 1
percent on Wednesday, tracking gains the previous session in
London, where copper prices rose to a ten-month high as
better-than-expected U.S. house sales figure boosted hopes of
an economic recovery.
 FUNDAMENTALS
 * Shanghai's benchmark third-month copper futures SCFc3
rose 1.3 percent to 48,460 yuan a tonne by 0101 GMT, heading
for its fifth straight day of gains after hitting a ten-month
high of 49,000 yuan the previous day.
 * The most-active Shanghai copper contract for November
delivery SCFX9 rose 1.4 percent to 48,440 yuan a tonne.
 * Copper for three-month delivery on the London Metal
Exchange MCU3 gained $65 to $6,115 a tonne, after reaching a
10-month high of $6.144.50.
 * Sales of U.S. homes rose at a stronger-than-expected pace
in June, up for a fifth straight month, adding to evidence that
the housing market was starting to recover from a three-year
slump. [ID:nN0498623]
 * Jinchuan Group Ltd, China's top nickel producer, raised
its nickel prices by nearly 8 percent in the past two days to
141,000 yuan a tonne, as domestic supply tightened and nickel
imports were curbed by rising prices.
 * LME nickel MNI3 rose to an 11-month high of $19,700 a
tonne on Wednesday, rising for a fifth straight day.
 * Copper stocks in warehouses registered with the LME rose
3,775 tonnes to 285,900 tonnes on Tuesday, the highest since
mid-June, but way below the over 500,000 tonnes of stocks in
February.
 MARKET NEWS
 * The financial sector led U.S. stocks higher on Tuesday,
as economic data indicated a sustained if slow economic
recovery, taking the Dow and the S&P 500 to nine-month highs.
[.N]
 * The dollar was steady near 2009 lows against the euro and
sterling on Wednesday. [USD/]
 DATA/EVENTS
 * The following data is expected on Wednesday:
 - Euro zone July composite PMI (0758 GMT)
 - Euro zone June retail sales (0900 GMT)
 - U.S. ADP employment report for July (1215 GMT)
 - U.S. factory orders for June (1400 GMT)
 - U.S. ISM non-manufacturing for July (1400 GMT)
 RELATED NEWS > METALS-Copper rises to 10-month high on
strong ho[ID:nL4429582] > London Metal Exchange appoints board
directors   [ID:nL4612596] > Century Aluminum divests bauxite,
alumina stakes[ID:nN04399979] > Indonesia's Antam says Q2 sales
hit by nickel pr[ID:nJAK159574] > BHP Billiton names ex-Ford
chief Nasser as chairm[ID:nL4363213] > Xstrata wary on outlook,
sticks to no Anglo premi[ID:nL3438840] > Philippines' Atlas to
raise output at copper min[ID:nMAN259206]
 PRICES
  Base metals prices at 0101 GMT
 Metal         Last      Change  Pct chg  Day ago pct  MA 30
RSI
 LME copper  $6,115.00   $65.00  +1.07%    +1.92%     $5,264
83.3
 LME alum    $2,005.00   $15.00  +0.75%    +1.78%     $1,709
87.1
 LME zinc    $1,885.00   $32.00  +1.73%    +2.17%     $1,623
79.3
 ShFE copper    48,460      640  +1.34%    +2.06%     42,080
81.4
 ShFE alum      15,200      165  +1.10%    +1.64%     13,899
73.5
 ShFE zinc      15,320      200  +1.32%    +2.03%     13,707
78.7
 Currencies
 Euro/dlr       $1.441   $0.001  +0.06%    -0.04%
 Dlr/yuan        6.830    0.000  +0.00%    -0.01%
 (Reporting by Rujun Shen and Edmund Klamann; Editing by
Michael Urquhart)















for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up