METALS-London copper eyes weekly loss on U.S. stimulus pullback
SINGAPORE, July 19 (Reuters) - London copper was trading little changed on Friday but was set to close the week lower after the Federal Reserve signalled it would stay on course to end bond buying by the end of the year.
* Three-month copper on the London Metal Exchange edged up 0.15 percent to $6,910.50 a tonne by 0002 GMT. It had closed the previous session little changed.
* Copper hit a one-week low at $6,850 a tonne on Thursday and was set to close the week down around half a percent, snapping two consecutive weeks of gains.
* Federal Reserve Chairman Ben Bernanke delivered written remarks to the U.S. Senate Banking Committee on Thursday that were virtually identical to unthreatening remarks he gave to the House Financial Services Committee the day before.
New claims for U.S. jobless benefits fell last week and factory activity picked up in the Mid-Atlantic region in early July, signs of a stronger economy that could help push the Federal Reserve to ease its monetary stimulus.
* Moody's Investors Service on Thursday raised the U.S. sovereign outlook to stable from negative and affirmed the country's triple-A rating, citing steady growth despite reduced government spending.
* Engineering group Atlas Copco announced more job losses on Thursday as spending cuts across the mining industry hit demand for its trademark drill rigs and loaders and raised worries the sector's downturn may have further to run.
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* Stock markets worldwide extended their rally on Thursday, with major U.S. indexes hitting all-time highs as the Federal Reserve again reassured investors that it was flexible on the timing for ending its stimulus program.
* The U.S. dollar was again probing major resistance against the yen on Friday, encouraged by solid economic data, higher Treasury yields and an unthreatening conclusion to Bernanke's testimony.
DATA/EVENTS (GMT) 0600 Germany Producer prices 0800 Italy Industrial orders G20 Finance ministers and central bank chiefs' meeting (to July 20)
PRICES Base metals prices at 0002 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 6910.50 10.50 +0.15 -12.85 SHFE CU FUT NOV3 -- -- -- -- HG COPPER SEP3 3.13 0.00 +0.02 -99.14 LME Alum 1805.00 0.00 +0.00 -12.84 SHFE AL FUT OCT3 -- -- -- -- LME Zinc 1856.50 0.00 +0.00 -10.03 SHFE ZN FUT OCT3 -- -- -- -- LME Nickel 14000.00 0.00 +0.00 -18.39 LME Lead 2036.50 0.00 +0.00 -12.97 SHFE PB FUT -- -- -- -- LME Tin 19545.00 0.00 +0.00 -16.47 LME/Shanghai arb^ --
(Reporting by Melanie Burton; Editing by Paul Tait)