METALS-Copper hits one-month high ahead of China PMI
SINGAPORE, July 24 (Reuters) - London copper futures edged up to their highest in more than a month on Wednesday on optimism demand from top consumer China will remain firm despite headwinds to its economy. Investors will eye a preliminary reading of China's vast manufacturing sector due out this morning for indications on the strength of the economy at the start of the second half of the year.
* Three-month copper on the London Metal Exchange was little changed at $7,028 a tonne by 0100 GMT, after earlier touching a session high of $7,060, its loftiest since June 18.
* The most-traded November copper contract on the Shanghai Futures Exchange gained 0.2 percent to 50,530 yuan ($8,200) a tonne.
* China must deepen reforms to address a slew of challenges confronting it, President Xi Jinping said, that emphasize the government's determination to restructure the slowing economy.
* Despite its economic challenges, China's copper imports rose 11 percent from a year earlier to 277,696 tonnes in June, data on Monday showed.
* Copper also got a boost earlier this week from China's decision to remove controls on bank lending rates, which may aid the economy, although analysts believe the overall impact may be limited.
* Freeport-McMoRan Copper & Gold Inc reported a sharp drop in second-quarter profit and laid out a plan to cut medium-term spending in light of declining metal prices and global economic uncertainty.
* Wall Street's multibillion-dollar commodity trading operations came under the political spotlight as a powerful U.S. Senate committee questioned whether commercial banks should control oil pipelines, power plants and metals warehouses.
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* The dollar wallowed at one-month lows after extending a broad decline for a third session and Asian stock markets edged higher with traders cautious ahead of the HSBC China PMI data.
0145 China HSBC manufacturing flash PMI 0658 France Markit manufacturing flash PMI 0728 Germany Markit manufacturing flash PMI
0758 Euro zone Markit manufacturing flash PMI 0758 Euro zone Markit services flash PMI
1258 U.S. Markit manufacturing flash PMI 1400 U.S. New home sales
Base metals prices at 0100 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 7028.00 -11.00 -0.16 -11.39 SHFE CU FUT NOV3 50530 90 +0.18 -12.77 HG COPPER SEP3 3.19 -0.01 -0.17 -12.59 LME Alum 1843.00 -2.50 -0.14 -11.10 SHFE AL FUT NOV3 14390 -10 -0.07 -8.17 LME Zinc 1883.25 -3.75 -0.20 -9.46 SHFE ZN FUT NOV3 14665 20 +0.14 -8.66 LME Nickel 14144.00 14.00 +0.10 -17.09 LME Lead 2060.00 4.50 +0.22 -11.59 SHFE PB FUT -- -- -- -- LME Tin 19455.00 0.00 +0.00 -16.86 LME/Shanghai arb^ -248
Shanghai and COMEX contracts show most active months ($1 = 6.1374 Chinese yuan)
(Reporting by Manolo Serapio Jr.; Editing by Ed Davies)