April 13, 2012 / 1:50 AM / 6 years ago

METALS-London copper slips ahead of China data

SHANGHAI, April 13 (Reuters) - London copper rolled back
some gains on Friday after rising more than 2 percent in the
previous session as investors exercised caution ahead of China's
gross domestic product data.	
    The Chinese economy, the world's second biggest, is forecast
to have grown by 8.3 percent in the first quarter, the slowest
in nearly three years, although gains across commodities and
equities on Thursday suggested investors were betting on a
higher number.     	
    * Three-month copper on the London Metal Exchange 
ticked down 0.2 percent to $8,202 tonne by 0125 GMT.	
    * The most-active July copper contract on the Shanghai
Futures Exchange gained 0.7 percent to 58,640 yuan
($9,300) per tonne, tracking prior gains on London, after rising
a modest 0.7 percent in the previous session.	
    * Chinese banks extended 1.01 trillion yuan ($160.1 billion)
worth of new loans in March, way above forecasts for 800 billion
yuan, a sign of fresh traction in China's efforts to ease
monetary policy and boost credit creation to support a cooling
    * The number of Americans filing for jobless aid hit a
two-month high last week and more applications were received in
the prior week than initially reported, suggesting a cooling in
the labor market recovery. 	
    * The disappointing performance of the U.S. labor market in
March shows it is too early to conclude the economy is out of
the woods, despite months of encouraging economic data, New York
Federal Reserve Bank president William Dudley said.
    * Concerns about Spain's deep budget problems pushed up
borrowing costs sharply at an Italian bond auction on Thursday,
signalling that markets doubt Europe's struggling economies are
overcoming their debt problems. 	
    * North Korea's much hyped long-range rocket apparently
crashed into the sea a few minutes after launch on Friday, South
Korean and other officials said, dealing a blow to the prestige
of the reclusive and impoverished state. 	
    * The CME Group will cut margins for silver, copper
and palladium futures after close of business on April 16, it
said in a statement late on Thursday. 	
    * Asian shares rose on Friday on better-than-expected demand
for Italian sovereign debt, shrugging off a rocket launch by
North Korea before the market open that South Korean officials
said had failed. 	
    * The euro and commodity currencies held on to overnight
gains in Asia on Friday, but where they go from here hinged
squarely on Chinese growth numbers due later in the day with
markets already positioning for a strong number. 	
    0200 China GDP yy                              	
    0200 China Industrial output yy                	
    0200 China Retail sales yy                     	
    0200 China Urban investment                   	
    0800 Italy Industrial output yy                	
    1230 U.S. Consumer prices Mar                    	
    1700 Federal Reserve Ben Bernanke speaks   	
  Base metals prices at 0125 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            8202.00    -18.00     -0.22      7.92
  SHFE CU FUT JUL2    58640       390     +0.67      5.41
  LME Alum          2108.00      4.00     +0.19      4.36
  SHFE AL FUT JUL2    16180        05     +0.03      2.15
  HG COPPER MAY2     371.55     -0.50     -0.13      8.13
  LME Zinc          2029.00    -11.00     -0.54      9.97
  SHFE ZN FUT JUL2    15645        95     +0.61      5.75
  LME Nickel       18602.00   -198.00     -1.05     -0.58
  LME Lead          2081.00    -17.00     -0.81      2.26
  SHFE PB FUT         15750        85     +0.54      3.01
  LME Tin          22655.00      0.00     +0.00     17.99
  LME/Shanghai arb    1919
   Shanghai and COMEX contracts show most active months
   ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE 
 third month
 ($1 = 6.3073 Chinese yuan)	
 (Reporting by Carrie Ho; Editing by Sugita Katyal)

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