METALS-London copper gains on softer dollar, China optimism
SINGAPORE, July 22 (Reuters) - London copper futures rose on Monday, helped by a softer dollar and a move in top consumer China to lift controls on bank lending rates which may help revive the slowing economy.
* Three-month copper on the London Metal Exchange edged up 0.7 percent to $6,962.75 a tonne by 0102 GMT. The contract fell about half a percent last week after two weeks of gains.
* The most-traded November copper contract on the Shanghai Futures Exchange rose 0.4 percent to 50,120 yuan ($8,200) a tonne.
* China's central bank removed controls on bank lending rates, effective Saturday, in a long-awaited move that signals the new leadership's determination to carry out market-oriented reforms.
* Economists say the move, while not yet a game-changer for Chinese banks, may have just started the countdown to an eventual industry overhaul which will deprive the banks of virtually risk-free profits.
* Some analysts say cheaper credit could help support the world's No. 2 economy, which has seen year-on-year growth fall in nine of the last 10 quarters that has dimmed the outlook for demand for industrial metals.
* Japanese Prime Minister Shinzo Abe's ruling coalition scored a decisive victory in an election on Sunday, raising suspicions he will lose interest in difficult economic reforms and pursue his nationalist agenda instead.
* Workers at the Indonesian unit of Freeport McMoRan Copper & Gold Inc expect to reach an agreement over pay in less than two weeks, cutting the risk of further disruption at the world's second-biggest copper mine after a deadly accident two months ago.
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* Japanese stocks led Asian markets higher, while the yen briefly slipped after Prime Minister Shinzo Abe was given a solid platform to continue his aggressive push to reflate the world's third-biggest economy.
* The dollar slipped versus a basket of major currencies , making dollar-priced commodities cheaper for holders of other currencies.
DATA/EVENTS (GMT) 1230 U.S. Chicago Fed National Activity Index 1400 U.S. Existing home sales Base metals prices at 0102 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 6962.75 47.75 +0.69 -12.21 SHFE CU FUT NOV3 50120 180 +0.36 -13.48 HG COPPER SEP3 3.16 0.02 +0.61 -13.51 LME Alum 1829.50 4.50 +0.25 -11.75 SHFE AL FUT OCT3 14375 45 +0.31 -8.26 LME Zinc 1869.50 5.50 +0.30 -10.12 SHFE ZN FUT NOV3 14585 40 +0.28 -9.16 LME Nickel 14263.00 103.00 +0.73 -16.40 LME Lead 2049.75 16.75 +0.82 -12.03 SHFE PB FUT -- -- -- -- LME Tin 19400.00 0.00 +0.00 -17.09 LME/Shanghai arb^ -300
Shanghai and COMEX contracts show most active months ($1 = 6.1379 Chinese yuan)
(Reporting by Manolo Serapio Jr.; Editing by Ed Davies)