SINGAPORE, July 27 (Reuters) - Copper traded flat on Friday, buttressed by returning confidence in the euro after the European Central Bank's chief reinforced a commitment to the single currency, while focus shifted to a key U.S. economic indicator later in the session.
Three-month copper on the London Metal Exchange traded at $7,453 a tonne at 0103 GMT, down 0.22 percent and paring slight gains from the previous session.
Copper hit a one-month closing low of $7,359.75 a tonne on Monday and was on track to close the month down.
The most-traded November copper contract on the Shanghai Futures Exchange slipped 0.04 percent to 54,170 yuan ($8,500) a tonne.
European Central Bank President Mario Draghi pledged on Thursday to do whatever was necessary to protect the euro zone from collapse, sending a strong signal that inflated Spanish and Italian borrowing costs were in his sights.
Dismal U.S. corporate outlooks and worries about slower worldwide growth have pushed third-quarter earnings estimates into negative territory, which, if it came to pass, would be the first drop in three years.
Asian shares rose and the euro held steady on Friday after the European Central Bank signalled its resolve to defend the euro zone, raising expectations it will move quickly to tackle skyrocketing borrowing costs in countries like Spain.
The euro steadied in early Asian trading on Friday after rallying on European Central Bank chief Mario Draghi's vow to hold the euro zone together, as investors prepared for U.S. second-quarter gross domestic product data later in the session.
Oil futures rose for a third straight day on Thursday after a pledge by the European Central Bank to protect the euro zone eased some worries about the region's debt crisis.
* Debt Auctions: Rome - Italy To Issue 8.5 Billion Euros In
184 Days, 6-Month Bot Maturing Jan. 31
* 1355 GMT - Thomson Reuters/Univ Of Michigan Final July
* 1230 GMT - U.S. Advance 2Q GDP
Base metals prices at 0103 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 7453.50 -16.50 -0.22 -1.93
SHFE CU FUT NOV2 54170 -20 -0.04 -2.15
HG COPPER SEP2 338.35 -1.00 -0.29 -1.53
LME Alum 1878.00 -0.50 -0.03 -7.03
SHFE AL FUT NOV2 15375 45 +0.29 -2.97
LME Zinc 1817.75 2.75 +0.15 -1.48
SHFE ZN FUT NOV2 14495 25 +0.17 -2.03
LME Nickel 15980.00 90.00 +0.57 -14.59
LME Lead 1880.00 -5.00 -0.27 -7.62
SHFE PB FUT 0.00 -14790.00 -100.00 -100.00
LME Tin 17750.00 0.00 +0.00 -7.55
LME/Shanghai arb^ 1271
Shanghai and COMEX contracts show most active months
^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month
($1 = 6.3841 Chinese yuan)