Metals News
Copper Edges Lower on Euro Zone Worries
industry news

KUALA LUMPUR, Jan 12 (Reuters) - Copper edged lower as concern over euro zone debt worries  prompted a shift to safe-haven holdings such as the U.S. dollar, making commodities more expensive for buyers paying in other currencies.   
Three-month copper on the London Metal Exchange slipped 0.3 percent to $7,764 a tonne by 0116 GMT, paring some of the previous session's gains.   

The most-traded March copper contract on the Shanghai Futures Exchange inched down 0.04 percent to 56,840 yuan ($9,000) a tonne.   

Copper rose to its priciest level in more than a month on Wednesday, building on the previous session's 3-percent price surge.    

Freeport McMoRan Gold & Copper Inc said on Wednesday it continued to ramp up production at its Grasberg mine in Indonesia where workers on Tuesday halted a gradual return at the end of a three-month strike.    

Energy Resources of Australia warned on Thursday that recent flooding caused by monsoon rains in northern Australia will continue to restrict its production of uranium in 2012.    

Tropical cyclone Heidi hit the west Australian coast early on Thursday, packing winds up to 120 km per hour, forcing seaside residents to flee rising tidewaters and closing the world's biggest iron ore export terminals.    
Markets News   

The euro remained in the doldrums in Asia on Thursday, having lurched to a fresh 16-month low on the dollar as markets turned nervous ahead of a bond sale by Spain.
The European Central Bank should ramp up its buying of troubled euro zone debt to support Italy and prevent a "cataclysmic" collapse of the euro, David Riley, the head of sovereign ratings for Fitch, said on Wednesday.    

Asian shares were subdued and the euro hovered near a 16-month low on Thursday as worries about euro zone sovereign funding kept investors risk-averse ahead of a Spanish debt sale that is seen as a key test of confidence.    

U.S. stocks held firm near recent five-month highs on Wednesday as investors awaited key bond market tests for Europe that could determine the direction of the euro zone crisis.
0130  China   CPI yy              Dec 2011        
0130  China   PPI yy              Dec 2011        
0530  India   Industrial Output y/y      Nov 2011       
0900  Italy   Industrial output yy WDA  Nov 2011       
1000  EZ      Industrial production yy  Nov 2011       
1200  Britain BOE Bank Rate             Jan 2012      
1245  EZ      ECB rate decision         Jan 2012      
  Base metals prices at 0116 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7764.00    -21.00     -0.27      2.16
  SHFE CU FUT MAR2    56840       -20     -0.04      2.67
  HG COPPER MAR2     352.75     -1.85     -0.52      2.66
  LME Alum          2163.00     -2.00     -0.09      7.08
  SHFE AL FUT APR2    16200       -45     -0.28      2.24
  LME Zinc          1915.00    -21.00     -1.08      3.79
  SHFE ZN FUT MAR2    15030       -50     -0.33      1.59
  LME Nickel       19380.00    -70.00     -0.36      3.58
  LME Lead          1997.00      7.00     +0.35     -1.87
  SHFE PB FUT      15220.00   -115.00     -0.75     -0.43
  LME Tin          20475.00      0.00     +0.00      6.64
  LME/Shanghai arb^     525
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
 ($1 = 6.3155 Chinese yuan)   

copper;edge down
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