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SINGAPORE, July 5 (Reuters) – London copper prices eased on Friday and were set for their first weekly fall in four, due to tepid demand outlook and rising supplies.
Three-month copper on the London Metal Exchange eased 0.1% to $5,911.50 a tonne, or a 1.4% fall on a weekly basis by 0227 GMT, as inventories in the London Metal Exchange (LME) warehouse system hovered around a one-year high level. This will be the metal contract’s first weekly fall since the week ended June 7. MCUSTX-TOTAL
The most-traded copper contract on the Shanghai Futures Exchange (ShFE) fell 0.2% to 46,380 yuan ($6,744.32) a tonne. Inventories in warehouses tracked by ShFE have been falling in recent months but were still up 23% so far this year. CU-STX-SGH
“We expect (near-term) copper to continue to trade in tight range while struggling with weak demand outlook. Rising inventory on ShFE and on LME reflects demand has yet to recover,” Argonaut Securities’ analyst Helen Lau said in a note.
* CHINA LOANS: Chinese banks extended less in new yuan loans in June, according to a Reuters calculation based on official data, but regulators assured that credit needs of the broader economy were met.
* GLENCORE: Congolese security forces evicted thousands of illegal miners from a copper and cobalt mine run by Glencore on Thursday, sparking angry protests outside the governor’s office and looting of shops, local activists said.
* ZAMBIA: Zambia is planning a law to compel mining firms to give local suppliers a fair share of procurement, its mines minister said on Thursday, in the latest sign of the government taking an interventionist approach in its mining sector.
* PRICES: London aluminium edged up 0.1%, nickel fell 0.3%, zinc eased 0.1% and lead declined 0.1%. In Shanghai, aluminium rose 0.5%, nickel fell 0.4% and zinc dropped 1.4%.
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* Asian shares hovered near two-month highs, holding recent gains as investors awaited U.S. employment data, a key release that could make or break market expectations about aggressive policy easing by the Federal Reserve.
0600 Germany Industrial Orders MM May
0730 UK Halifax House Prices MM June
1230 US Non-Farm Payrolls June
1230 US Unemployment Rate June
1230 US Average Earnings YY June
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 = 6.8769 Chinese yuan)
Reporting by Mai Nguyen; Editing by Rashmi Aich
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