METALS-Copper near highest in more than week on BoJ stimulus
SINGAPORE, Jan 23 (Reuters) - Copper steadied on Wednesday, remaining close to its highest in more than a week hit the previous session after the Bank of Japan announced aggressive monetary stimulus, while physical buying in China was modest ahead of next month's holidays.
* Three-month copper on the London Metal Exchange was trading at $8,130.075 a tonne by 0103 GMT, little changed from the previous session. It gained 1 percent on Tuesday and hit its highest since Jan. 11 at $8,144.50.
* Copper has been hemmed in a range of $7,920 to $8,250 this year, with traders and analysts expecting prices to remain there until after the Lunar New Year in mid-February.
* The most-traded May copper contract on the Shanghai Futures Exchange was also little changed at 58,690 yuan ($9,400) a tonne. It hit its second highest point this year at 59,020 a tonne the session before.
* The BOJ announced on Tuesday its most determined effort yet to end years of economic stagnation, saying it would switch to an open-ended commitment to buying assets next year and double its inflation target to 2 percent.
* German analyst and investor morale hit its highest level in more than 2-1/2 years in January, suggesting the euro zone crisis is no longer hurting Europe's largest economy as much as it was late last year.
* U.S. home resales unexpectedly fell in December, but the drop was not large enough to suggest the recovery in the housing sector is running out of steam.
* BHP Billiton , the world's biggest mining company, reported its quarterly iron ore output rose 3 percent, slightly under analysts' estimates, as it races to keep pace with demand from Chinese steelmakers.
* Markets in China will be closed from Feb. 11-15
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* Asian shares nudged higher on Wednesday following gains in Wall Street overnight, with upbeat U.S. earnings encouraging buying of riskier assets.
* The yen held firm on Wednesday, having posted its biggest one-day gain in around eight months on the greenback as investors cut bearish bets on the currency following the BOJ's move.
DATA/EVENTS (GMT) 1245 U.S. ICSC weekly chain store sales 1355 U.S. Redbook weekly retail sales 1400 U.S. FHFA home price index Nov 1500 Euro zone Consumer confidence Jan 1500 Canada BoC rate decision 2130 U.S. API weekly crude stocks
Base metals prices at 0103 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 8130.75 -2.25 -0.03 2.54 SHFE CU FUT MAY3 58830 +0.30 +0.01 --- HG COPPER MAR3 370.05 -0.45 -0.12 1.31 LME Alum 2070.00 -5.00 -0.24 -0.05 SHFE AL FUT APR3 15275 10 +0.07 -0.46 LME Zinc 2059.00 6.00 +0.29 -0.22 SHFE ZN FUT APR3 15520 -25 -0.16 -0.16 LME Nickel 17525.00 140.00 +0.81 2.16 LME Lead 2325.00 0.00 +0.00 -0.64 SHFE PB FUT 0.00 -- -- -- LME Tin 24625.00 0.00 +0.00 5.24 LME/Shanghai arb^ 477
Shanghai and COMEX contracts show most active months ($1 = 6.2198 Chinese yuan)
(Reporting by Melanie Burton; Editing by Joseph Radford)