METALS-London copper climbs on stronger euro, China prospects
MELBOURNE, Jan 8 (Reuters) - London copper rose on Tuesday as prospects the European Central Bank will refrain from a rate cut this week pushed up the euro, and on expectations Chinese trade data will show recovery is gathering steam in the world's top metal consumer.
* Three-month copper on the London Metal Exchange had climbed 0.24 percent to $8,090 a tonne by 0105 GMT, reversing small losses from the previous session.
* Prices, which hit their highest since Oct. 18 at $8,256.50 on Jan. 3 have since dropped back, but are still up 2 percent for the year.
* The most-traded April copper contract on the Shanghai Futures Exchange rose 0.21 percent to 58,340 yuan ($9,400) a tonne.
* China's annual economic growth may have quickened to 7.8 percent in the fourth quarter a Reuters poll showed, snapping seven straight quarters of weaker expansion, but the recovery is likely to be tepid and the economy may need continued policy support.
* China's export growth probably rebounded from three-month lows in December, although the recovery is likely to remain shallow due to weak demand in the United States and Europe, the country's two biggest customers. The data is due on Thursday.
* The ECB will keep interest rates unchanged at its meeting, also on Thursday, economists forecast in a Reuters poll.
* Euro zone sentiment improved for a fifth consecutive month in January, with investor expectations rising to their highest level in almost two years after a successful Greek bond buyback and a dip in Spanish jobless figures.
* A weaker U.S. dollar makes commodities denominated in the greenback more attractive to holders of other currencies.
* Global miner Anglo American will name Australian Mark Cutifani, chief executive of gold miner AngloGold Ashanti , as its new chief executive as early as Tuesday, two sources familiar with the situation said. Cutifani will be expected to use his South African mining credentials and more than five years' experience at the helm of AngloGold to smooth Anglo American's path as it tackles restive unions in the country and restructures its battered platinum arm.
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* The yen bumped higher against the dollar and the euro in early Asian trading on Tuesday, as investors took profits after the Japanese unit's recent surge.
* Asian shares steadied on Tuesday but prices were capped by investor caution ahead of corporate earnings season for the last quarter of 2012 and the ECB's policy meeting later in the week.
DATA/EVENTS (GMT) 0700 Germany Exports/imports Nov 1000 Euro zone Business climate Dec 1000 Euro zone Economic sentiment Dec 1000 Euro zone Retail sales Nov 1000 Euro zone Unemployment rate Nov 1100 Germany Industrial orders Nov 1245 U.S. ICSC weekly chain store sales 2000 U.S. Consumer credit Nov
Base metals prices at 0105 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 8090.00 19.00 +0.24 2.03 SHFE CU FUT APR3 58340 120 +0.21 1.14 HG COPPER MAR3 368.30 0.50 +0.14 0.84 LME Alum 2072.00 7.00 +0.34 0.05 SHFE AL FUT MAR3 15280 15 +0.10 -0.42 LME Zinc 2033.00 12.00 +0.59 -1.48 SHFE ZN FUT APR3 15500 -45 -0.29 -0.29 LME Nickel 17210.00 0.00 +0.00 0.32 LME Lead 2305.00 0.00 +0.00 -1.50 SHFE PB FUT 15225.00 55.00 +0.36 -0.16 LME Tin 24050.00 0.00 +0.00 2.78 LME/Shanghai arb^ 760
Shanghai and COMEX contracts show most active months ($1 = 6.2296 Chinese yuan)
(Reporting by Melanie Burton; Editing by Joseph Radford)