METALS-London copper up on short covering ahead of Fed
SINGAPORE, June 17 (Reuters) - London copper rose more than one percent on Monday, following its steepest weekly decline in two months last week, as shorts covered ahead of this week's key Federal Reserve meeting that should provide greater clarity on monetary policy.
* Three-month copper on the London Metal Exchange rallied by 1.16 percent to $7,172 a tonne by 0131 GMT, adding to small gains seen the previous session.
* Copper prices finished last week down nearly two percent for its steepest weekly decline since mid April.
* The most-traded October copper contract on the Shanghai Futures Exchange climbed by 0.82 percent to 51,910 yuan ($8,500) a tonne.
* U.S. consumer sentiment edged off a six-year high in June while manufacturing output picked up a bit last month after two straight months of declines, suggesting the economy remains on a moderate growth path.
* Leaders of the world's richest nations at a G8 meeting this week are likely to say they are not content with progress so far in fixing their economies after the financial crisis.
* India's top copper smelter re-opened on Sunday after complaints from residents forced a two-month shutdown, a company source directly involved with the court-mandated process and a source at a local pollution board told Reuters.
* Hedge funds and money managers turned vastly more negative on the copper market in the week to June 11, increasing their net short positions in copper futures and options for the first time in four weeks and by the most in more than six months.
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* Asian shares inched lower and the dollar remained defensive on Monday as investors wait the U.S. Federal Reserve meeting later in the week and some long-awaited clarity on its intentions for monetary stimulus.
DATA/EVENTS (GMT) 0530 India Repo rate 0900 EZ Eurostat trade nsa, EUR Apr 1230 New York Fed Empire State Survey For June 1400 U.S. NAHB housing market indx Jun
Base metals prices at 0131 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 7172.00 82.00 +1.16 -9.57 SHFE CU FUT OCT3 51910 420 +0.82 -10.39 HG COPPER JUL3 3.24 0.04 +1.11 -11.38 LME Alum 1866.00 15.00 +0.81 -9.99 SHFE AL FUT SEP3 14710 15 +0.10 -6.13 LME Zinc 1876.00 16.00 +0.86 -9.81 SHFE ZN FUT SEP3 14595 85 +0.59 -9.09 LME Nickel 14375.00 50.00 +0.35 -15.74 LME Lead 2128.00 20.00 +0.95 -8.67 SHFE PB FUT -- -- -- -- LME Tin 20400.00 5.00 +0.02 -12.82 LME/Shanghai arb^ -808
Shanghai and COMEX contracts show most active months
($1 = 6.1308 Chinese yuan)
(Reporting by Melanie Burton; Editing by Michael Perry)