METALS-Copper up for 2nd day on China's central bank pledge
SINGAPORE, June 26 (Reuters) - London copper rose for a second session on Wednesday, underpinned by assurances from China's central bank that eased concerns over a credit crunch and slowing growth in the world's top consumer of the metal.
* Three-month copper on the London Metal Exchange gained 0.3 percent to $6,816.75 a tonne by 0100 GMT, after sliding to a three-year-low of $6,602 a tonne on Tuesday.
* The most-traded October copper contract on the Shanghai Futures Exchange rose 2 percent to 49,150 yuan a tonne.
* China's central bank said on Tuesday it would guide market rates to reasonable levels, and it expected seasonal factors that caused a recent spike in interbank market rates would gradually fade.
* China accounts for around 40 percent of global refined copper demand.
* Copper hit a three-year low on Monday on worries that China's central bank was engineering a tightening of cash in a bid to rein in excessive credit growth and on fears about a scaling down of U.S. monetary stimulus.
* The metal was also boosted by data showing sales of new U.S. single-family homes rose to their highest in nearly five years in May. Copper is used widely in construction.
* A slew of banks cut their 2013 copper price forecasts on Tuesday. Credit Suisse cut its average price forecast to $7,240 a tonne from $7,482, Deutsche Bank cut its forecast by 4 percent to $7,547 a tonne, while Goldman Sachs cut its forecast to $7,216 a tonne from $7,600 previously.
* Freeport McMoRan Copper and Gold Inc was ramping up production at its Indonesian unit on Monday, a company spokeswoman said, six weeks after a deadly tunnel collapse at the world's No. 2 copper mine halted operations.
* Asian shares edged higher to reverse a four-day losing streak as investors took comfort from firm U.S. data underscoring an American recovery, and assurances from China's central bank to provide funds to institutions if needed.
DATA/EVENTS (GMT) 0600 Germany GfK consumer sentiment 1230 U.S. Final Q1 GDP 1430 U.S. EIA weekly crude stocks
Base metals prices at 0100 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 6816.75 21.75 +0.32 -14.05 SHFE CU FUT OCT3 49150 950 +1.97 -15.16 HG COPPER JUL3 3.08 0.01 +0.37 -15.56 LME Alum 1784.00 0.00 +0.00 -13.94 SHFE AL FUT OCT3 14310 50 +0.35 -8.68 LME Zinc 1847.25 -1.25 -0.07 -11.19 SHFE ZN FUT OCT3 14445 110 +0.77 -10.03 LME Nickel 13900.00 -30.00 -0.22 -18.52 LME Lead 2049.50 -5.50 -0.27 -12.04 LME Tin 19875.00 0.00 +0.00 -15.06 LME/Shanghai arb^ -342
Shanghai and COMEX contracts show most active months
(Reporting by Naveen Thukral; Editing by Richard Pullin)