SHANGHAI, June 14 (Reuters) - Copper prices inched up on Friday and were on track to post their first weekly rise in seven weeks, helped by reports that major central banks are poised to inject liquidity should the results of weekend elections in Greece unleash havoc on financial markets.
But investors remained cautious as disappointing jobs data from the United States added to fears that recovery in the world's largest economy may be slowing.
Three-month copper on the London Metal Exchange had risen 0.5 percent to $7,456 a tonne by 0111 GMT, on course for its third consecutive daily rise.
The most-active September copper contract on the Shanghai Futures Exchange gained 0.8 percent to 54,540 yuan ($8,600) a tonne, set for its second straight daily climb.
Central banks from major economies stand ready to take steps to stabilize financial markets by providing liquidity and preventing a credit squeeze if it looks like Greece could leave the euro zone after elections on Sunday, G20 officials told Reuters. The news caused Wall Street stocks to rise and the euro to strengthen against the U.S. dollar on Thursday.
New claims for U.S. state jobless benefits rose for the fifth time in six weeks and consumer prices fell in May, opening the door wider for the U.S. Federal Reserve to further ease monetary policy.
China is more likely to implement economic reform, cut interest rates and reduce bank reserve ratios to stimulate growth, rather than launch an expensive new stimulus plan, current and former officials said on Thursday.
One of them, the former deputy director of the finance department at the National Development and Reform Commission Cao Wenlian, said two more interest rate cuts and three more reserve ratio (RRR) cuts were possible before the end of the year.
Wall Street stocks rose and the euro strengthened against the U.S. dollar on Thursday after the news that central banks are ready to coordinate moves to keep markets.
0650 ECB President Draghi speaks in Frankfurt
0900 Euro zone Eurostat trade nsa, EUR Apr
1230 U.S. New York Fed Empire State survey June
1315 U.S. Industrial production May
1355 Thomson Reuters/Univ of Mich consumer sentiment
1930 U.S. CFTC commitment of traders data
Base metals prices at 0111 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 7456.00 36.00 +0.49 -1.89
SHFE CU FUT SEP2 54540 450 +0.83 -1.96
LME Alum 1961.25 7.25 +0.37 -2.91
SHFE AL FUT OCT2 15865 05 +0.03 0.16
HG COPPER JUL2 336.55 1.10 +0.33 -2.05
LME Zinc 1895.75 3.75 +0.20 2.75
SHFE ZN FUT SEP2 14860 90 +0.61 0.44
LME Nickel 16824.00 189.00 +1.14 -10.08
LME Lead 1928.00 8.00 +0.42 -5.26
SHFE PB FUT 15060 90 +0.60 -1.50
LME Tin 19625.00 0.00 +0.00 2.21
LME/Shanghai arb 771
Shanghai and COMEX contracts show most active months
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
($1 = 6.3703 Chinese yuan)