METALS-London copper slips ahead of U.S. jobs report
SINGAPORE, July 5 (Reuters) - London copper slipped on Friday ahead of a crucial U.S. labour report, but was set to log its biggest weekly gain since early May as a shortfall in Chinese supply and technical buying supported prices.
* Three-month copper on the London Metal Exchange eased to $6,942 a tonne by 0106 GMT, after falling in the previous session.
* Copper prices are heading for gains of about 2.5 percent this week, the largest weekly rise since May 3.
* The most-traded October copper contract on the Shanghai Futures Exchange edged down 0.20 percent to 50,140 yuan ($8,200)a tonne.
* The European Central Bank broke with precedent by declaring it would keep interest rates at record lows for an extended period and may yet cut further, responding to turbulence caused by the U.S. Federal Reserve's exit plan from money-printing.
* Investors sold out of commodity exchange-traded products (ETPs) in June after the U.S. Federal Reserve signalled it would wind down its economic stimulus programme, pushing up real interest rates and making gold less attractive.
* China's copper importers are being forced by bottlenecks at London Metal Exchange's warehousing system to queue up for deliveries of metal they have already bought, resulting in spot copper import premiums rising by a third since mid-June.
* Indonesia's overhaul of tin trading rules that raises minimum purity levels is expected to slash shipments from the world's top refined tin exporter over the next few months, potentially pushing up prices for the metal used in electronic goods.
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* Asian stocks rose on Friday, while the euro and sterling nursed losses after the two most important central banks in Europe surprised by assuring investors they were in no hurry to wind down stimulus.
* U.S. dollar sped higher on the euro and sterling on Friday after the ECB and BoE both blindsided markets with decidedly dovish policy guidance, leaving the Federal Reserve as the only major central bank with any inclination to rein back stimulus.
DATA/EVENTS (GMT) 1000 Germany Industrial orders 1230 U.S. Non-farm payrolls 1230 U.S. Unemployment rate PRICES Base metals prices at 0105 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 6942.00 -8.00 -0.12 -12.45 SHFE CU FUT OCT3 50140 -100 -0.20 -13.07 HG COPPER SEP3 3.15 -0.02 -0.77 -99.14 LME Alum 1812.00 0.00 +0.00 -12.51 SHFE AL FUT OCT3 14340 10 +0.07 -6.55 LME Zinc 1864.00 3.00 +0.16 -9.67 SHFE ZN FUT OCT3 14540 -1005 -6.47 -6.47 LME Nickel 13870.00 45.00 +0.33 -19.15 LME Lead 2067.50 -6.50 -0.31 -11.65 SHFE PB FUT 0.00 -13920.00 -100.00 -100.00 LME Tin 20049.00 49.00 +0.25 -14.32 LME/Shanghai arb^ -567
Shanghai and COMEX contracts show most active months
($1 = 6.1258 Chinese yuan)
(Reporting by Melanie Burton; Editing by Ed Davies)