SHANGHAI, June 29 (Reuters) - London copper rose on Friday, helped by a weaker dollar and assurances by Beijing that top metals consumer China will meet it GDP growth target for the year, but the contract is still on track for its worst quarter since the third quarter of 2011.
Investors will look for more trading cues from the last day of the European Union summit, where bickering among leaders over what to focus on in tackling the euro zone debt crisis will likely keep gains capped.
Three-month copper on the London Metal Exchange was up 0.4 percent at $7,413.25 per tonne by 0114 GMT, after losing 0.3 percent in the prior session. It is down over 12 percent on the quarter.
The most-active October copper contract on the Shanghai Futures Exchange edged down 0.1 percent to 54,150 yuan($8,500) per tonne, after gaining 0.9 percent in the previous session.
Italy and Spain, battling searing market pressure in the euro zone's widening debt crisis, blocked agreement on measures to promote growth at a European Union summit on Thursday to demand urgent action to bring down their borrowing costs.
Italy's benchmark borrowing costs hit six-month highs at auction on Thursday, piling pressure on Prime Minister Mario Monti to ease a steepening debt burden by squeezing concessions out of Germany at a European summit later in the day.
Following recent positive data out of the U.S., a report on Thursday showed the U.S. economy grew only modestly in the first quarter, underscoring the economy's vulnerability as global growth slows.
A separate report from the Labor Department showed the number of Americans filing new claims for jobless benefits edged down last week, but remained in a range that indicated the job market was still struggling to gain traction.
China is confident it can meet its 2012 economic growth target of 7.5 percent, a finance ministry official said on Thursday despite early economic indicators suggesting growth did not pick up in June.
Asian shares and the euro were pressured on Friday as European leaders argued over how to ease borrowing strains in Italy and Spain and stop the euro zone debt crisis spreading, with investors fearful of U.S. reaction to the deadlock.
The euro hobbled along three-week lows in Asia on Friday as investors awaited more news from a summit of European leaders amid already diminished expectations that it will yield any concrete measures to tackle the debt crisis immediately.
Last day of European Union leaders summit in Brussels
0500 Japan Construction orders
0600 Germany Retail sales
0900 Euro Zone Inflation
1230 U.S. Personal income and outlays
1345 U.S. Chicago PMI
1930 U.S. CFTC commitment of traders data
Base metals prices at 0114 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 7413.25 28.25 +0.38 -2.46
SHFE CU FUT OCT2 54150 -50 -0.09 -2.66
LME Alum 1854.25 9.25 +0.50 -8.21
SHFE AL FUT OCT2 15225 -135 -0.88 -3.88
HG COPPER JUL2 333.85 1.25 +0.38 -2.84
LME Zinc 1787.00 -7.00 -0.39 -3.14
SHFE ZN FUT OCT2 14350 00 +0.00 -3.01
LME Nickel 16215.00 0.00 +0.00 -13.34
LME Lead 1770.25 -6.75 -0.38 -13.01
SHFE PB FUT 14490 -5 -0.03 -5.23
LME Tin 18500.00 0.00 +0.00 -3.65
LME/Shanghai arb 737
Shanghai and COMEX contracts show most active months
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
($1 = 6.3575 Chinese yuan)