SHANGHAI, June 21 (Reuters) - Copper slipped on Thursday after investors were disappointed that the Federal Reserve did not introduce more aggressive stimulus measures, while the market was awaiting the release of HSBC's reading on manufacturing in top metals consumer China.
Three-month copper on the London Metal Exchange dropped 1 percent to $7,469 a tonne by 0139 GMT, its second session of losses after falling 0.8 percent on Wednesday.
The most-active October copper contract on the Shanghai Futures Exchange fell 0.9 percent to 54,400 yuan ($8,600) a tonne, after rising 0.4 percent the session before.
The U.S. Federal Reserve on Wednesday announced it was expanding its "Operation Twist", dashing the hopes of some who were betting a more aggressive quantitative easing programme.
The central bank will sell $267 billion worth of short-term securities to buy longer-term ones to keep long-term borrowing costs down. The program, which was due to expire this month, will now run through the end of the year.
But Wall Street's top bond firms still see a 50 percent chance that the Federal Reserve will begin a third round of quantitative easing to boost the U.S. economy even after it extended its current stimulus program on Wednesday.
A conservative-led government took power in Greece on Wednesday promising to negotiate softer terms on its harsh international bailout, help the people regain their dignity and steer the country through its biggest crisis for four decades.
With Spain's borrowing costs soaring recently, the country has been focused on helping its ailing banks, but it will soon have to put in more efforts into dealing with its highly indebted regions.
Major stock indexes ended a choppy trading session flat to slightly lower on Wednesday while Treasuries trimmed losses after the Federal Reserve extended monetary stimulus to keep the U.S. economic recovery from stalling.
The dollar held off a one-month low against a basket of major currencies on Thursday, no worse for wear even after the Federal Reserve delivered another dash of monetary stimulus and said it was ready to do more if necessary.
0230 China HSBC Mfg Flash PMI
0728 Germany Markit Mfg Flash PMI June
0758 Euro zone Markit Mfg flash PMI June
1230 U.S. Jobless claims Weekly
1258 U.S Markit Mfg PMI June
1400 U.S. Existing home sales May
1400 U.S. Philadelphia Fed business activity June
Base metals prices at 0139 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 7469.00 -76.00 -1.01 -1.72
SHFE CU FUT OCT2 54400 -510 -0.93 -2.21
LME Alum 1906.00 1.00 +0.05 -5.64
SHFE AL FUT OCT2 15660 -90 -0.57 -1.14
HG COPPER JUL2 337.05 -1.70 -0.50 -1.91
LME Zinc 1865.00 -2.00 -0.11 1.08
SHFE ZN FUT OCT2 14770 -170 -1.14 -0.17
LME Nickel 16929.00 -271.00 -1.58 -9.52
LME Lead 1879.00 -3.00 -0.16 -7.67
SHFE PB FUT 14915 -145 -0.96 -2.45
LME Tin 19200.00 0.00 +0.00 0.00
LME/Shanghai arb 911
Shanghai and COMEX contracts show most active months
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
($1 = 6.3599 Chinese yuan)