METALS-LME copper rallies on China growth prospects
SINGAPORE, March 5 (Reuters) - London copper rallied on Tuesday, pulling further away from three-month lows as bargain hunters stepped in ahead of the seasonally stronger second quarter and after China confirmed its commitment to 7.5-percent growth.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange had climbed 0.48 percent to $7,762 a tonne by 0124 GMT, adding to small gains in the previous session.
* The most-traded June copper contract on the Shanghai Futures Exchange rose 0.51 percent to 56,710 yuan ($9,100) a tonne.
* China aims to grow its economy by 7.5 percent in 2013 and keep consumer inflation running around 3.5 percent for the year, outgoing Premier Wen Jiabao said on Tuesday as the country began its annual parliament meetings.
* China's property-related shares fell by the most in nearly five years on Monday on plans to tighten curbs on the housing market, though some economists predict a near-term spike in existing home prices, at least until local governments work out how to implement the changes.
* Australia could face its seventh tropical cyclone since January as a low pressure system intensifies in the Coral Sea off the northeast coast, the weather bureau said on Tuesday, although there was no immediate threat to major collieries in the area.
* Janet Yellen, the Federal Reserve's influential vice chair, said on Monday the U.S. central bank's aggressive monetary stimulus is warranted given how far the economy was operating below its full potential.
* Switzerland-based Trafigura on Monday became the second major trading house to confirm that it had traded with an Iranian firm that the European Union says has links to Iran's nuclear programme.
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MARKETS NEWS
* Asian shares rebounded after a sharp sell-off triggered by slumping Chinese stocks the previous session, as a globally accommodative monetary stance helped eased concerns and revived risk appetite.
* The euro languished near a three-month low on Tuesday as investors kept a wary eye on political developments in Italy, while commodity currencies proved resilient with the Australian dollar bouncing off an eight-month trough.
DATA/EVENTS (GMT) 0330 Australia RBA cash rate 0843 Italy Markit Adaci Services PMI 0848 France Markit Services PMI 0853 Germany Markit Services PMI 0858 Euro zone Markit Services PMI 1000 Euro zone Retail sales 1245 U.S. ICSC weekly chain store sales 1500 U.S. ISM Non-manufacturing PMI 1500 U.S. IBD/TIPP Consumer confidence 2130 U.S. API weekly crude stocks
PRICES Base metals prices at 0124 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 7762.25 37.25 +0.48 -2.10 SHFE CU FUT JUN3 56710 290 +0.51 -1.68 HG COPPER MAY3 352.20 2.05 +0.59 -3.57 LME Alum 1980.75 6.75 +0.34 -4.36 SHFE AL FUT JUN3 14685 25 +0.17 -4.30 LME Zinc 2018.00 16.00 +0.80 -2.20 SHFE ZN FUT JUN3 15440 -105 -0.68 -0.68 LME Nickel 16590.00 140.00 +0.85 -3.29 LME Lead 2228.75 12.75 +0.58 -4.75 SHFE PB FUT 14905.00 -30.00 -0.20 -2.26 LME Tin 23400.00 25.00 +0.11 0.00 LME/Shanghai arb^ -180
Shanghai and COMEX contracts show most active months
($1 = 6.2251 Chinese yuan)
(Reporting by Melanie Burton; Editing by Joseph Radford)