Metals News
London Copper Slips, Chinese Buying Slow Before Holidays
industry news

KUALA LUMPUR, Jan 13 (Reuters) - London copper slipped in early Asian trading, snapping three days of gains, as Chinese purchases of the industrial metal slowed before the start of the week-long Lunar New Year holidays.   
Three-month copper on the London Metal Exchange slipped 0.64 percent to $7,953.75 a tonne by 0111 GMT. Prices are headed for a 5 percent gain this week, after two straight weeks of declines.   

The most-traded March copper contract on the Shanghai Futures Exchange gained 0.82 percent to 57,870 yuan ($9,200) a tonne.   

Copper shot to a more than two-month high above $8,000 per tonne on Thursday after data showing slower inflation in China and two successful European debt auctions boosted investor confidence that demand will rise.   

Australia's Port Hedland, one of the world's largest export terminals for iron ore, has reopened after being shut ahead of Tropical Cyclone Heidi, a port official said on Friday.
Markets News   

The euro held its ground in Asia on Friday, having risen broadly overnight after debt sales in Spain and Italy drew solid demand, raising expectations that an auction of longer-dated Italian bonds later in the day will also do well.    

The S&P 500 closed at a five-month high on Thursday but had difficulty extending gains in the face of lackluster economic data and another European bond market test.    

China's businesses are shut the week of Jan. 22 for the Lunar New Year celebrations.
1000  EZ   Eurostat trade nsa, EUR   Nov 2011         
1200  JPMorgan Chase & Co earnings    Q4 2011         
2030  U.S. CFTC commitment of traders data Weekly  
  Base metals prices at 0111 GMT
  Metal              Last       Change   Pct Move YTD pct chg
  LME Cu            7953.75    -51.25     -0.64      4.65
  SHFE CU FUT MAR2    57870       470     +0.82      4.53
  HG COPPER MAR2     361.70     -3.20     -0.88      5.27
  LME Alum          2153.00     -9.00     -0.42      6.58
  SHFE AL FUT APR2    16195       -20     -0.12      2.21
  LME Zinc          1945.75    -21.25     -1.08      5.46
  SHFE ZN FUT MAR2    15220        35     +0.23      2.87
  LME Nickel       19501.00   -199.00     -1.01      4.23
  LME Lead          2020.25    -14.75     -0.72     -0.72
  SHFE PB FUT      15400.00      0.00     +0.00      0.75
  LME Tin          20990.00    -80.00     -0.38      9.32
  LME/Shanghai arb^     921
   Shanghai and COMEX contracts show most active months
   ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
($1 = 6.3178 Chinese yuan)   

London copper
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