METALS-Copper edges up as US data sustains global growth hopes
SINGAPORE, March 15 (Reuters) - London copper edged up on Friday and was set to close higher for a second straight week after U.S. jobs and inflation figures showed increasing signs of a recovery in the global economy, but muted buying from top consumer China curbed upside momentum.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange rose by 0.26 percent to $7,820 a tonne by 0124 GMT.
* Copper is set to close the week up around one percent, but still remains in negative territory for the year, having dropped more than 6 percent from early February's 2013 peaks.
* The most-traded July copper contract on the Shanghai Futures Exchange rose 0.65 percent to 56,910 yuan ($9,200)a tonne.
* The number of Americans filing new claims for unemployment benefits dropped for a third straight week last week, the latest indication the labor market recovery was gaining traction.
* A second report from the Labor Department offered little reason to worry about a rise in inflation, with food prices at the wholesale level almost reversing January's increase and the cost of automobiles rising only marginally.
* Other data on Thursday showed a spike in the cost of gasoline pushed up producer prices last month, but a lack of broad price pressures gives the Federal Reserve scope to maintain its very easy monetary policy.
* Mongolian officials tried on Thursday to calm fears that disagreements between the government and miner Rio Tinto Ltd RIO.L would delay a planned June start of commercial production at the giant Oyu Tolgoi copper and gold mine.
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MARKETS NEWS
* Asian shares shrugged off three days of losses on Friday as global risk sentiment was buoyed by new U.S. data overnight suggesting a steady recovery in the world's largest economy.
* The rally in the U.S. dollar took a breather on Friday as sterling enjoyed a short squeeze, while the Australian dollar made the most of a barnstorming employment report at home.
DATA/EVENTS (GMT) 1000 Euro zone Euro zone labor costs 1230 U.S. Inflation 1230 U.S. New York Fed manufacturing 1300 U.S. Net capital flows 1315 U.S. Industrial output 1355 U.S. Univ of Michigan sentiment index 1930 U.S. CFTC commitment of traders data PRICES Base metals prices at 0124 GMT
Metal Last Change Pct Move YTD pct chgLME Cu 7820.00 20.00 +0.26 -1.37SHFE CU FUT JUL3 56910 370 +0.65 -1.33HG COPPER MAY3 354.25 0.60 +0.17 -3.01LME Alum 1977.00 -2.00 -0.10 -4.54SHFE AL FUT JUN3 14855 10 +0.07 -3.19LME Zinc 1983.75 7.75 +0.39 -3.86SHFE ZN FUT JUN3 15280 -265 -1.70 -1.70LME Nickel 17185.00 -40.00 -0.23 0.17LME Lead 2251.50 3.00 +0.13 -3.78SHFE PB FUT 14780.00 80.00 +0.54 -3.08LME Tin 23925.00 0.00 +0.00 2.24LME/Shanghai arb^ -61
Shanghai and COMEX contracts show most active months
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($1 = 6.2155 Chinese yuan)
(Reporting by Melanie Burton; Editing by Himani Sarkar)