KUALA LUMPUR, Jan 9 (Reuters) - Copper slipped on Monday, reversing gains in the previous session, as concerns over slowing growth in the euro zone strengthened the U.S. dollar, making commodities priced in the unit more expensive in other currencies.
Three-month copper on the London Metal Exchange fell 0.4 percent to $7,550 a tonne by 0108 GMT, after an increase of 0.5 percent on Friday.
The most-traded March copper contract on the Shanghai Futures Exchange slipped 0.4 percent to 55,690 yuan ($8,800) a tonne.
Following a year of tumultuous highs and lows, copper prices are expected to improve from the depressed levels at the end of 2011 and steady in 2012, as the market begins to balance rising demand by addressing supply shortfalls.
Speculators in copper further reduced bearish bets in the red metal to the lowest level since the second week of November, while speculators raised long exposure in silver, latest data from the U.S. Commodity Futures Trading Commission showed.
The euro came under pressure first thing in Asia on Monday, reaching 16-month lows versus the greenback and an 11-year trough on the yen following a slew of negative news from the euro zone over the weekend.
U.S. stocks rose in the first week of 2012, even though news that the U.S. jobless rate neared a three-year low did not whet interest in equities on Friday.
1100 Germany Industrial output mm Nov 2011
1500 U.S. Employment trends Dec
2000 U.S. Consumer credit Nov 2011
2100 Alcoa earnings Q4 2011
Base metals prices at 0108 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 7550.00 -30.00 -0.40 -0.66
SHFE CU FUT MAR2 55690 -210 -0.38 0.60
HG COPPER MAR2 342.45 -0.95 -0.31 -0.33
LME Alum 2061.00 -8.00 -0.39 2.03
SHFE AL FUT MAR2 15935 00 +0.00 0.57
LME Zinc 1855.75 2.75 +0.15 0.58
SHFE ZN FUT MAR2 14730 00 +0.00 -0.44
LME Nickel 18601.00 -99.00 -0.53 -0.58
LME Lead 1967.00 8.00 +0.41 -3.34
SHFE PB FUT 15200.00 -75.00 -0.49 -0.56
LME Tin 19850.00 0.00 +0.00 3.39
LME/Shanghai arb^ 40
Shanghai and COMEX contracts show most active months
^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
($1 = 6.3095 Chinese yuan)