SHANGHAI, July 3 (Reuters) - London copper firmed on Tuesday, after previous session's losses, as hopes of monetary easing actions by major central banks to counter a global slowdown helped offset demand worries stoked by grim macroeconomic data.
A rise in China's services sector Purchasing Managers' Index, snapping two months of falls, also supported prices.
Three-month copper on the London Metal Exchange rose 0.5 percent at $7,660 per tonne by 0130 GMT, after falling 0.8 percent on Monday.
The most-active October copper contract on the Shanghai Futures Exchange edged up 0.4 percent to 55,580 yuan ($8,800) per tonne, stretching gains into a fourth session.
U.S. manufacturing shrank in June for the first time in nearly three years, adding to signs of a slowdown in the recovery but raising hopes for more easing from the Federal Reserve.
The disappointing U.S. data comes after a slew of weak manufacturing data from Europe and Asia, suggesting the euro zone debt crisis was reverberating throughout the global economy.
The U.S. Federal Reserve is ready to ratchet back its super-easy monetary policy when the time comes so as to head off any uncontrolled price rises, said the San Francisco Federal Reserve Bank President John Williams.
Money markets expect the European Central Bank to cut interest rates this week as the euro zone economy struggles, with policy action at the European Union summit having provided only fleeting relief to volatile sovereign debt markets.
China's services sector expanded at its fastest pace in three months in June, an official survey showed, but left intact market expectations that Beijing will deliver more policy measures to support growth in the near future.
Brazil's manufacturing output in June shrank for the third straight month in the latest sign that a battery of government stimulus measures have yet to spur economic growth, a survey showed on Monday.
Asian shares inched up on Tuesday as manufacturing data around the world highlighted the drag on growth from the protracted euro zone debt crisis, raising expectations for the Federal Reserve to take further steps to underpin the fragile economy.
Investors made short shrift of both the euro and U.S. dollar on Tuesday after a batch of dismal data from Europe to the United States raised expectations for more action from central banks in both regions.
0430 Australia RBA cash rate Jul 2012 AUCBIR=ECI
1145 U.S. ICSC chain stores yy Weekly USUBSY=ECI
1200 Brazil Industrial output yy May 2012 BRIOY=ECI
1400 U.S. Factory orders May USFORD=ECI
U.S. Vehicle sales Jun USVEH=ECI
Base metals prices at 0130 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 7660.00 35.00 +0.46 0.79
SHFE CU FUT OCT2 55580 210 +0.38 -0.09
LME Alum 1909.00 0.00 +0.00 -5.50
SHFE AL FUT OCT2 15415 -25 -0.16 -2.68
HG COPPER SEP2 348.10 1.20 +0.35 1.31
LME Zinc 1872.00 0.00 +0.00 1.46
SHFE ZN FUT OCT2 14760 80 +0.54 -0.24
LME Nickel 16755.00 5.00 +0.03 -10.45
LME Lead 1879.75 0.75 +0.04 -7.63
SHFE PB FUT 14845 110 +0.75 -2.91
LME Tin 18899.00 -1.00 -0.01 -1.57
LME/Shanghai arb 1311
Shanghai and COMEX contracts show most active months
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month
($1 = 6.3488 Chinese yuan)