METALS-London copper slips ahead of China GDP
SINGAPORE, July 15 (Reuters) - London copper prices slipped on Monday as traders cut risk ahead of key economic data later in the day that could show China's growth slowed markedly in the second quarter.
* Three-month copper on the London Metal Exchange had slipped 0.38 percent to $6,927 a tonne by 0111 GMT from Friday, when it closed down more than half a percent.
* But copper prices finished last week up 2.4 percent in the biggest weekly gain since early May, partly on hopes the United States would keep its loose monetary policy for longer.
* The most-traded November copper contract on the Shanghai Futures Exchange slid 0.72 percent to 49,870 yuan ($8,100) a tonne.
* Markets were spooked last week when China's finance minister was reported as saying growth could be 7 percent this year, below the official target of 7.5 percent. However, the official Xinhua News Agency later corrected that report to quote Minister Lou Jiwei as saying: "There is no doubt that China can achieve this year's growth target of 7.5 percent".
* U.S. Federal Reserve Chairman Ben Bernanke last week said the U.S. central bank needed to keep stimulative monetary policy in place given low inflation and an uncertain job market.
* Euro zone factory output fell in May for the first time in four months, data showed on Friday, suggesting a fragile and uneven recovery in the bloc that is struggling with record joblessness.
* Hedge funds and money managers trimmed net shorts in copper futures and options in the week to July 9, a report by the Commodity Futures Trading Commission showed.
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* Asian stocks were flat on Monday even after another robust performance on Wall Street, while commodities and major currencies were subdued as investors kept to the sidelines ahead of the numbers from China.
DATA/EVENTS (GMT) 0200 China Q2 GDP 0200 China Industrial output 0200 China Retail sales 0200 China Urban investment 1230 U.S. Retail sales 1230 U.S. New York Fed Empire State survey 1400 U.S. Business inventories
PRICES Base metals prices at 0111 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 6927.50 -26.50 -0.38 -12.63 SHFE CU FUT NOV3 49870 -360 -0.72 -13.54 HG COPPER SEP3 3.14 -0.01 -0.43 -99.14 LME Alum 1832.50 -10.50 -0.57 -11.52 SHFE AL FUT OCT3 14355 05 +0.03 -6.45 LME Zinc 1892.25 -10.75 -0.56 -8.30 SHFE ZN FUT OCT3 14700 -845 -5.44 -5.44 LME Nickel 13630.00 -120.00 -0.87 -20.55 LME Lead 2061.00 -10.00 -0.48 -11.92 SHFE PB FUT 13875.00 -5.00 -0.04 -9.02 LME Tin 19500.00 0.00 +0.00 -16.67 LME/Shanghai arb^ -476
Shanghai and COMEX contracts show most active months
($1 = 6.1375 Chinese yuan)
(Reporting by Melanie Burton; Editing by Joseph Radford)