METALS-LME copper falls on dollar rebound after Fed move
SINGAPORE, Dec 13 (Reuters) - London copper slipped on Thursday, weighed by a dollar recovery after it tumbled in the wake of the U.S. Federal Reserve's announcement that it would keep interest rates near zero until employment falls to at least 6.5 percent.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange fell by 0.61 percent to $8,080.75 a tonne by 0122 GMT, reversing small gains seen the previous session.
* Prices have rallied more than six percent since mid November and remain not far from near two-month highs of $8,159 hit on Monday. The most-traded March copper contract on the Shanghai Futures Exchange slipped by 0.57 percent to 57,650 yuan ($9,200) a tonne.
* The U.S. Federal Reserve, announcing a new round of monetary stimulus, took the unprecedented step on Wednesday of indicating interest rates would remain near zero until unemployment falls to at least 6.5 percent.
* Sharp differences remained on Wednesday between congressional Republicans and the White House in talks to avert the "fiscal cliff" of steep tax hikes and budget cuts, and negotiators warned the showdown could drag on past Christmas.
* Euro zone factory output continued its steep fall in autumn this year, underscoring the feeble domestic demand that risks prolonging the bloc's recession.
* South Korea has bought a combined 4,000 tonnes of aluminium ingot via tenders closed on Wednesday for premiums of $234 above LME cash prices, the State-run Public Procurement Service said on its website.
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MARKETS NEWS
* Asian shares extended gains for a seventh day on Thursday, after the U.S. Federal Reserve took new stimulus steps to bolster the economy, putting the yen under pressure as expectations grow for more aggressive easing from the Japanese central bank next week.
* The dollar rose to an 8-1/2-month high against the yen on Thursday as markets expect the Bank of Japan to expand its easing programme after the Federal Reserve surprised by explicitly linking policy to the unemployment rate. DATA/EVENTS (GMT) 1330 U.S. Weekly jobless claims 1330 U.S. Retail sales Nov 1330 U.S. Producer price index Nov 1500 U.S. Business inventories Oct European Council meeting, Brussels
PRICES
Base metals prices at 0122 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 8080.75 -49.25 -0.61 6.33 SHFE CU FUT MAR3 57650 -330 -0.57 4.14 HG COPPER MAR3 368.50 -3.10 -0.83 7.25 LME Alum 2132.00 -6.00 -0.28 5.54 SHFE AL FUT MAR3 15370 -10 -0.07 -3.00 LME Zinc 2078.25 -16.75 -0.80 12.64 SHFE ZN FUT MAR3 15460 -85 -0.55 4.49 LME Nickel 17600.00 -100.00 -0.56 -5.93 LME Lead 2307.25 -14.75 -0.64 13.38 SHFE PB FUT 15335.00 -15.00 -0.10 0.33 LME Tin 22950.00 -185.00 -0.80 19.53 LME/Shanghai arb^ 1512
Shanghai and COMEX contracts show most active months ($1 = 6.2518 Chinese yuan)
(Reporting by Melanie Burton; Editing by Richard Pullin)