METALS-Copper climbs on China growth hopes, stronger euro
SINGAPORE, Jan 28 (Reuters) - London copper rose on Monday, as the euro strengthened on signs economic recovery is taking root in Europe and after the head of China's sovereign wealth fund said that growth in the country could accelerate more quickly than expected.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange had climbed 0.31 percent to $8,061 a tonne by 0114 GMT, reversing losses from the previous session when it fell by a third of a percent to close little changed on the week.
* Copper prices are seen treading the year's well worn range of $7,920-$8,250 a tonne until after Lunar New Year in mid-February when Chinese consumers return to the market.
* The most-traded May copper contract on the Shanghai Futures Exchange slipped by 0.44 percent to 58,570 yuan ($9,400) a tonne.
* Banks will repay more than 130 billion euros of crisis loans to the European Central Bank next week, handing more cash back early than expected in a sign at least parts of the financial system are returning to health.
* But international bankers and finance ministers warned on Saturday that Europe's crisis was not over even though the euro currency is now stabilised, it will take years to overcome economic malaise and mass unemployment in Europe.
* China's economy could grow at more than 8 percent in 2013, giving some underpinning to global economic activity that is set for a mild, tortuous recovery this year, the head of China's sovereign wealth fund said on Saturday.
* For all the doomsayers predicting an end to its mining boom, Australia is pumping out more metal, coal and gas thanks to a investment bonanza that will peak this year, boosting exports needed to extend a jaw-dropping 21-year run of economic growth.
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MARKETS NEWS
* The euro was buoyed near an 11-month high against the dollar on Monday, while the yen slipped to a 2-1/2-year low versus the dollar on expectations of more monetary easing in Japan.
* Japanese equities rose on Monday as the yen extended its losses, further improving earnings prospects for exporters as Japan's corporate reporting season enters full swing this week.
DATA/EVENTS (GMT) 0900 Italy Consumer confidence 0900 Euro zone Money M3 growth 1330 U.S Durable goods orders 1330 U.S. Midwest Manufacturing Index 1500 U.S. Pending home sales 1530 U.S. Dallas Fed Manufacturing Index PRICES
Base metals prices at 0114 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 8061.00 31.00 +0.39 1.66 SHFE CU FUT MAY3 58570 -260 -0.44 1.54 HG COPPER MAR3 366.35 1.15 +0.31 0.30 LME Alum 2050.00 4.00 +0.20 -1.01 SHFE AL FUT APR3 15180 -45 -0.30 -1.08 LME Zinc 2080.50 0.50 +0.02 0.82 SHFE ZN FUT APR3 15580 35 +0.23 0.23 LME Nickel 17380.00 0.00 +0.00 1.31 LME Lead 2368.00 13.00 +0.55 1.20 SHFE PB FUT 15420.00 -5.00 -0.03 1.11 LME Tin 24700.00 0.00 +0.00 5.56 LME/Shanghai arb^ 253
Shanghai and COMEX contracts show most active months ($1 = 6.2205 Chinese yuan)
(Reporting by Melanie Burton; Editing by Joseph Radford)