SINGAPORE, Dec 3: London copper was stuck close to its lowest in nearly two weeks on Tuesday after surprisingly robust U.S. Factory data bolstered expectations the Federal Reserve could trim its commodity-friendly stimulus before year-end.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange was little changed at $6,980.50 a tonne by 0114 GMT. It shed 1.1 percent the session before.
* London copper prices hit their lowest since 21 November at $6,965 a tonne on Monday. Their next level of support is $6,910, the three-month low tipped on Nov. 19.
* The most-traded February copper contract on the Shanghai Futures Exchange fell 0.75 percent to 50,230 yuan ($8,200) a tonne.
* Increased demand boosted global manufacturing activity last month as U.S. Factories expanded at their fastest pace in 2-1/2 years and Chinese output suggested improvement in the world’s second largest economy.
* A gauge of U.S. Factory activity hit a 2-1/2-year high in November and construction spending increased solidly in October, brightening the economic outlook as the year winds down.
* Rio Tinto aims to cut capital spending by a fifth in each of the next two years as it focuses on paying down debt and boosting returns to shareholders, the global miner said on Tuesday.
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MARKETS NEWS
* Asian shares slipped and the dollar firmed on Tuesday, while the yen tumbled on speculation of further central bank easing.
DATA (GMT)
0100 China Official non-manufacturing PMI
1000 Euro zone Producer prices
1245 U.S. Weekly ICSC chain store sales
1355 U.S. Redbook weekly retail sales
1445 U.S. ISM-New York business activity
1500 U.S. IBD/TIPP consumer confidence
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Three month LME tin
($1 = 6.0929 Chinese yuan)
(AGENCIES)
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