Metals News
London Copper Inches Up Before China's GDP Data Release
industry news

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.
Markets News   
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)   

London copper;Tuesday
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