METALS-LME copper little changed, traders eye U.S. data
SINGAPORE, Dec 7 (Reuters) - London copper was steady on Friday and was set to close the week little changed as traders focused on the United States for progress in talks to avert a looming fiscal crisis and a crucial jobs report.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange traded at $8,007 a tonne by 0105 GMT, little changed from the previous session when it fell nearly one percent. Copper snapped five days of gains on Thursday, pulling back from its highest in more than six weeks at $8,095.75 a tonne hit the session before. Prices have rallied more than five percent since mid November.
* The most-traded March copper contract on the Shanghai Futures Exchange slipped 0.12 percent to 57,330 yuan ($9,200) a tonne.
* With little to show after a month of posturing, the White House and Republicans in Congress dropped hints on Thursday that they had resumed low-level private talks on breaking the stalemate over the "fiscal cliff" but refused to divulge details.
* The European Central Bank pondered an interest rate cut on Thursday and predicted the euro zone economy would shrink again in 2013, leaving the door open to a possible reduction in borrowing costs early next year.
* Shares of Freeport-McMoRan Copper & Gold Inc fell further on Thursday, a day after it said it had struck deals to expand into energy by acquiring Plains Exploration & Production Co and McMoRan Exploration Co for $9 billion, and at least four analysts downgraded the miner's stock.
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MARKETS NEWS
* Asian shares ticked up to a 16-month high on Friday following modest overnight gains in global equities as investors watched progress in U.S. budget talks and awaited U.S. nonfarm payrolls data later in the day.
* The euro languished at one-week lows against the greenback on Friday, having suffered a major setback after the European Central Bank painted a bleak outlook for the euro zone and discussed cutting interest rates.
DATA/EVENTS (GMT) 1100 Germany Industrial output Oct 1330 U.S. Employment report Nov 1455 U.S. TR/Univ of Michigan consumer sentiment 1930 U.S. CFTC commitment of traders data 2000 U.S. Consumer credit Oct PRICES
Base metals prices at 0105 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 8007.00 7.00 +0.09 5.36 SHFE CU FUT MAR3 57330 -70 -0.12 3.56 HG COPPER MAR3 365.10 0.65 +0.18 6.26 LME Al 2085.00 0.00 0.00 -0.32 SHFE AL FUT MAR3 15420 00 +0.00 -2.68 LME Zinc 2021.50 -8.50 -0.42 9.57 SHFE ZN FUT MAR3 15385 25 +0.16 3.99 LME Nickel 17199.00 24.00 +0.14 -8.08 LME Lead 2214.50 0.50 +0.02 8.82 SHFE PB FUT 0.00 -15310.00 -100.00 -100.00 LME Tin 21785.00 -140.00 -0.64 13.46 LME/Shanghai arb^ 1057
Shanghai and COMEX contracts show most active months ($1 = 6.2282 Chinese yuan)
(Reporting by Melanie Burton; Editing by Himani Sarkar)