METALS-Copper rises, but near 20-mth low on China growth worry
* London copper hits lowest since Oct. 2011
* Coming Up: U.S. ECRI weekly index at 2230 GMT
(Updates prices, adds tin, Indonesia's plan, China's data) SINGAPORE, June 21 (Reuters) - London copper rebounded from a 20-month low hit in an early session on Friday, but was still on track for a third weekly fall on fears of a slowdown in China's economic growth, while Shanghai futures dropped about 3 percent. Base metals have also been hammered by the U.S. Federal Reserve's plan to curb its stimulus programme, which has fuelled many of the highs achieved by commodity prices since the financial crisis. Three-month copper on the London Metal Exchange rose 1.02 percent to $6,839.00, off an intraday low of $6,692 a tonne, its weakest since October 2011. The most-traded copper contract on the Shanghai Futures Exchange dropped 0.80 percent to 49,520 yuan a tonne. It earlier fell to its weakest since late April, at 48,390 yuan.
"If you look at all the indicators, China is not doing well. The economy is slowing down and the Chinese government has made it clear they are tolerating the slowdown and they are expecting it," said Joyce Liu, an investment analyst at Phillip Futures. "I think the outlook for base metals is not good because it's very closely tied to the Chinese economy. But from what they are saying, the Chinese government is not going to try to ease the situation now." China's factory activity weakened to a nine-month low in June as demand faltered, a preliminary survey showed on Thursday, heightening the risk of a sharper second-quarter slowdown. The country's May base metal statistics showed refined copper imports at 232,155 tonnes, down 23.15 percent on the year, while primary aluminium imports fell 36.67 percent, to 21,816 tonnes. Aluminium added 0.49 percent to $1,806.25 a tonne,
but was still within sight of its lowest level in more than three years hit in the session before. "We think aluminium could come under additional selling pressure, with LME aluminium stockpiles hitting record high levels of 5.43 million tonnes," ANZ said in a report. "High supply in the market appears to be offsetting reports of China's government looking to block plans to build 10 million tonnes of new lower cost capacity in the Xinjiang province alongside recent smelter cuts." Beijing last month ordered local governments to stop "blind expansion" in bloated industries such as aluminium, steel, cement, glass and shipbuilding. Tin slipped 0.35 percent to $19,431 a tonne, unfazed by news that Indonesia, the world's top exporter of the refined metal, plans to revise export rules from next month to push for physical trading and price setting on the domestic market. The metal tumbled to its lowest in 9-1/2 months on Thursday.
Base metals prices at 0655 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 6839.00 69.00 +1.02 -13.77 SHFE CU FUT OCT3 49520 -400 -0.80 -14.52 HG COPPER JUL3 3.08 0.02 +0.72 -15.56 LME Alum 1806.25 8.75 +0.49 -12.87 SHFE AL FUT OCT3 14355 -50 -0.35 -8.39 LME Zinc 1844.75 15.25 +0.83 -11.31 SHFE ZN FUT OCT3 14440 30 +0.21 -10.06 LME Nickel 13750.00 50.00 +0.36 -19.40 LME Lead 2036.50 18.50 +0.92 -12.60 SHFE PB FUT 13980.00 -80.00 -0.57 -12.90 LME Tin 19431.00 -69.00 -0.35 -16.96 LME/Shanghai arb^ -682
Shanghai and COMEX contracts show most active months month
(Editing by Joseph Radford and)