SINGAPORE, Jan 29 (Reuters) - London copper rose on Tuesday
after a business spending survey suggested a recovery in the
United States was taking root, but traders were cautious ahead
of a U.S. monetary policy meeting and a raft of U.S and China
data this week.
* Three-month copper on the London Metal Exchange
climbed by 0.27 percent to $8,072 a tonne by 0103 GMT, adding to
small gains seen the previous session.
* Copper prices have been confined in a broader
$7,920-$8,250 range so far this month with traders marking time
until new year holidays in top copper consumer China wind up in
* The most-traded May copper contract on the Shanghai
Futures Exchange rose 0.19 percent to 58,700 yuan
($9,400) a tonne. It hit its highest since Oct. 19 at 58,820 a
tonne earlier in the session.
* A gauge of U.S. business investment plans improved in
December, a sign companies were betting the economy will pick up
despite fears over tighter fiscal policy.
* The Fed, whose policy-setting Federal Open Market
Committee concludes a two-day meeting on Wednesday, said just
last month that it expects to keep short-term interest rates
exceptionally low until the U.S. unemployment rate falls to 6.5
percent, inflation permitting.
* Figures on Friday are likely to show that the jobless rate
was unchanged in January at 7.8 percent, while the economy
created 155,000 jobs, the same as in December.
* Rating agency Fitch on Monday stepped back from its threat
to cut the United States' triple-A credit rating in the next few
months, citing the recent debt deal in Washington, in the latest
sign that anxieties have eased over another drawn-out budget
* Workers at Chile's Escondida have voted to approve a new
contract proposal, the union told Reuters on Monday, calming
fears of labour unrest in the world's largest copper deposit.
* For the top stories in metals and other news, click , or
* Asian shares rose on Tuesday after solid U.S. data, but
investors remained cautious ahead of more U.S. economic reports
and a Federal Reserve policy decision later in the week that may
offer clues to the Fed's stimulus plans.
* Sterling took the spotlight on Tuesday, though for all the
wrong reasons, as a dour economic background and persistent
rumours of a possible credit downgrade dragged the British
currency to a 13-month trough on the euro and a five-month low
on the dollar.
0700 Germany GFK Consumer sentiment
0745 France Consumer confidence
1245 U.S. ICSC weekly chain store sales
1355 U.S. Redbook weekly retail sales
1400 U.S. CaseShiller
1500 U.S. Consumer confidence
2130 U.S. API weekly crude stocks
Base metals prices at 0103 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 8072.00 22.00 +0.27 1.80
SHFE CU FUT MAY3 58700 110 +0.19 1.77
HG COPPER MAR3 366.80 0.65 +0.18 0.42
LME Alum 2050.00 0.00 +0.00 -1.01
SHFE AL FUT APR3 15150 -20 -0.13 -1.27
LME Zinc 2081.00 0.00 +0.00 0.85
SHFE ZN FUT APR3 15595 50 +0.32 0.32
LME Nickel 17625.00 0.00 +0.00 2.74
LME Lead 2378.00 0.00 +0.00 1.62
SHFE PB FUT 0.00 -15395.00 -100.00 -100.00
LME Tin 24400.00 0.00 +0.00 4.27
LME/Shanghai arb^ 246
Shanghai and COMEX contracts show most active months
($1 = 6.2226 Chinese yuan)
(Reporting by Melanie Burton; Editing by Himani Sarkar)
((firstname.lastname@example.org)(+65 6870 3017)(Reuters
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(Reuters 3000Xtra subscribers can access Metals Production Database by clicking on URL below http://mpd.session.rservices.com For related news and prices, click on the codes in brackets: LME price overview COMEX copper futures Base metals news All metals news All commodities news Metals diary Foreign exchange rates SPEED GUIDES)
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