METALS-Copper at one-week high after dovish Fed comments
SINGAPORE, July 11 (Reuters) - London copper rallied more than 2 percent to its highest in a week on Thursday, after U.S. Federal Reserve Chairman Ben Bernanke said accommodative monetary policy would be needed for the foreseeable future.
* Three-month copper on the London Metal Exchange hit its highest since July 4 at $6,994 a tonne, before edging back to $6,940 by 0125 GMT, still up 1.7 percent and extending gains from the previous session.
* The most-traded November copper contract on the Shanghai Futures Exchange surged more than 4 percent to 50,790 yuan, the highest since June 19 before easing to 49,940 yuan a tonne, up 3.22 percent.
* About half of the Federal Reserve's policymakers felt the U.S. central bank's bond-buying stimulus should be brought to a halt by year end when they met in June, but many wanted reassurance the U.S. jobs recovery was on solid ground before any policy retreat.
* China warned on Wednesday of a "grim" outlook for trade after a surprise fall in June exports, raising fresh concerns about the extent of the slowdown in the world's second-largest economy and increasing the pressure on the government to act.
* China's top planning body is preparing to let foreign exchanges open commodities warehouses in free-trade zones, sources with government links said, which would grant the London Metal Exchange coveted access to the industrial giant.
* The dollar extended falls on Thursday, rapidly retreating from a three-year peak, after Federal Reserve Chairman Ben Bernanke said highly accommodative monetary policy would be needed for the foreseeable future.
DATA/EVENTS (GMT) 0300 Bank of Japan interest rate decision 1230 U.S. Weekly jobless claims 1230 U.S. Import/export prices 1800 U.S. Federal budget PRICES
* The dollar extended falls on Thursday, rapidly retreating from a three-year peak, after Federal Reserve Chairman Ben Bernanke said highly accommodative monetary policy would be needed for the foreseeable future. DATA/EVENTS (GMT) Base metals prices at 0125 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 6940.00 115.00 +1.68 -12.47 SHFE CU FUT NOV3 49940 1560 +3.22 -13.42 HG COPPER SEP3 3.15 0.06 +1.84 -99.14 LME Alum 1829.00 9.00 +0.49 -11.69 SHFE AL FUT OCT3 14355 120 +0.84 -6.45 LME Zinc 1897.00 -1.00 -0.05 -8.07 SHFE ZN FUT OCT3 14675 -870 -5.60 -5.60 LME Nickel 13799.00 149.00 +1.09 -19.56 LME Lead 2082.00 10.00 +0.48 -11.03 SHFE PB FUT 13915.00 85.00 +0.61 -8.75 LME Tin 19749.00 199.00 +1.02 -15.60 LME/Shanghai arb^ ---
Shanghai and COMEX contracts show most active months
(Reporting by Melanie Burton; Editing by Ed Davies)