KUALA LUMPUR, Jan 17 (Reuters) - London copper inched up in early Asian trading on Tuesday, as the market awaits the release of China's economic growth data, hoping for signs of expansion in the world's largest user of refiner copper.
Three-month copper on the London Metal Exchange climbed 0.32 percent to $8,115.25 a onne by 0115 GMT, extending gains from the previous session.
The most-traded April copper contract on the Shanghai Futures Exchange rose 1.6 percent to 59,250 yuan ($9,400) a tonne.
Copper rose on Monday as investors decided that Standard & Poor's downgrades of nine euro zone countries' credit ratings last week were largely priced in and focused instead on positive fundamentals while awaiting key growth data from China.
Lundin Mining said copper production rose 10 percent in the fourth quarter, helped partly by strong results at its Neves-Corvo mine in Portugal.
Inmet Mining Corp said it expected to produce at least 18 percent more copper in 2012, with output of about 100,000 to 111,200 tonnes from its three mines in Turkey, Spain and Finland, up from the 84,800 tonnes produced last year.
The euro hovered just above a 17-month trough against the dollar early in Asia on Tuesday after Standard & Poor's dealt the euro zone yet another blow by downgrading the credit rating of Europe's bailout fund.
Asian shares inched higher on Tuesday as investors focused on economic data from China to gauge the impact of the euro zone debt crisis on global growth.
U.S. rating agency Standard & Poor's cut its credit rating of the euro zone's EFSF rescue fund on Monday, and Greece was under pressure to break a deadlock in debt swap talks if it is to avoid an unruly default.
0200 China GDP yy Q4
0200 China Industrial output yy Dec 2011
0200 China Retail sales yy Dec 2011
0200 China Urban investment (ytd) Dec 2011
1000 EZ Inflation, final yy Dec 2011
1000 Germany ZEW economic sentiment Jan 2012
1230 U.S. NY Fed manufacturing Jan
1330 U.S. NOPA soy crush Dec
1400 Canada BoC rate decision
Base metals prices at 0115 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 8115.25 26.25 +0.32 6.78
SHFE CU FUT APR2 59250 920 +1.58 7.03
HG COPPER MAR2 369.05 5.35 +1.47 7.41
LME Alum 2169.00 8.00 +0.37 7.38
SHFE AL FUT APR2 16295 80 +0.49 2.84
LME Zinc 1968.00 7.00 +0.36 6.67
SHFE ZN FUT APR2 15445 135 +0.88 4.39
LME Nickel 19461.00 36.00 +0.19 4.01
LME Lead 2045.00 15.00 +0.74 0.49
SHFE PB FUT 15580.00 160.00 +1.04 1.93
LME Tin 20850.00 0.00 +0.00 8.59
LME/Shanghai arb^ 722
Shanghai and COMEX contracts show most active months
^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
($1=6.3165 Chinese yuan)