METALS-Copper near 6-week low on concerns over stimulus, demand
SINGAPORE, June 12 (Reuters) - Copper slid to its lowest in almost six weeks on Wednesday, on slowing demand in top consumer China and as worries lingered about the outlook for U.S. economic stimulus.
* Three-month copper on the London Metal Exchange fell as much as 0.6 percent to $7,020 a tonne, the lowest since May 3.
* Risks are rising that China's economic growth will slide further in the second quarter after weekend data showed unexpected weakness in May trade and domestic activity struggling to pick up.
* The volume of major metals imports, including copper and alumina, fell at double-digit rates. China is the world's top consumer of copper, making up around 40 percent of global demand for the metal.
* The Shanghai Futures Exchange is shut until Thursday for a holiday.
* Equity and commodity markets were rattled on Tuesday by the absence of fresh steps from the Bank of Japan to calm turbulence in the domestic bond market.
* A Standard & Poor's upgrade of the U.S. credit outlook on Monday prompted investors to believe the economy was strong enough for the Fed to begin scaling back its bond purchases.
* Keeping copper prices in check are concerns about the outlook for supply of the metal used in power and construction. Operations at the world's No. 2 copper mine in Indonesia, run by Freeport McMoRan Copper and Gold Inc, have been shut since an accident last month killed 28 workers.
* Also India's top copper smelter is preparing to reopen, potentially adding to a short-term squeeze on concentrate supply. The smelter will only operate until the second week of July, however.
* Global miner BHP has agreed a rise of around 3 percent in the fees it will pay Japanese smelters to process its copper concentrate in the second half, after several mine shutdowns hit global supply, dealing the firm a stronger hand in talks.
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* Japanese stocks slumped further on Wednesday in the wake of the BOJ meeting the day before.
DATA/EVENTS (GMT) 0530 India Industrial output yy Apr 0900 EZ Industrial production yy Apr 1130 India M3 money supply 1800 U.S. Federal budget,$ May 2100 N.Zealand Cen bank interest rate
Base metals prices at 0058 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 7045.75 -19.25 -0.27 -11.16 HG COPPER JUL3 3.18 -0.02 -0.52 -12.98 LME Alum 1892.00 5.00 +0.26 -8.73 LME Zinc 1858.25 6.25 +0.34 -10.66 LME Nickel 14500.00 -35.00 -0.24 -15.01 LME Lead 2114.00 -3.00 -0.14 -9.27 LME Tin 20699.00 174.00 +0.85 -11.54
(Reporting by Naveen Thukral; Editing by Joseph Radford)