SYDNEY, Oct 20 (Reuters) - London copper nudged higher on Friday as some investors beefed up positions following overnight losses, and remained on track to post its fourth weekly rise even after retreating from three-year highs.
Copper at the start of the week rallied above $7,000 a tonne for the first time since September 2014.
Traders said the slight pullback in price overnight was in reaction to Thursday’s data showing economic growth in China, the world’s biggest metals consumer, was in line was expectations.
While some interpreted the data as supportive of Chinese industrial activity, ANZ Bank noted investors in the sector remained cautious.
* Three-month copper on the London Metal Exchange was modestly firmer at $6,980 a tonne by 0152 GMT, mostly erasing losses from the previous session.
* The most-traded copper contract on the Shanghai Futures Exchange slipped 0.5 percent to 54,540 yuan ($8,248.26) a tonne.
* JIANGXI COPPER: State-owned China metals firm Jiangxi Copper Co Ltd plans to make an acquisition in mineral-rich Africa, president and chairman Long Ziping said, as the country’s top integrated copper producer aims to step up overseas expansion.
* ALUMINA SHORTAGE: Shortages of alumina, the raw material for producing aluminium, may become more severe in the coming months as an environmental crackdown in China is due to shut capacity, forcing smelters to scramble for supplies and pushing up prices.
* ALUMINIUM: Three-month LME aluminium added to overnight gains, inching up 0.3 percent to $2,159 a tonne, supported by a third-straight month of falling output in China, which is also cracking down polluting smelters.
* SHFE ALUMINIUM: Most-traded ShFE aluminium was up 1.3 percent
* GLENCORE ALUMINA: Ukraine’s anti-monopoly committee has given commodities trader Glencore the green light to take a stake in Ukraine’s Mykolaiv plant, the second-largest alumina asset of Russia’s Rusal.
* JAPAN ALUMINIUM ENDORSEMENT: Four Japanese automakers on said they found no safety issues with aluminium parts supplied by Kobe Steel Ltd, allaying some concerns that falsified quality data on products from the steelmaker had compromised their vehicles.
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* Asian shares inched up on Friday, but grappled for firmer leads as speculation about who the next U.S. central bank chief will be kept global investors wary.
DATA/EVENT AHEAD (GMT) 0600 Germany Producer prices Sep 0800 Euro zone Current account Aug 1400 U.S. Existing home sales Sep 2330 Federal Reserve Chair Janet Yellen speaks on ”Monetary
Policy Since the Financial Crisis” at Washington event
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
ARBS ($1 = 6.6123 Chinese yuan renminbi)
Reporting by James Regan; Editing by Sonali Paul