METALS-London copper up on month end buys; Fed caution caps gains
SINGAPORE, July 31 (Reuters) - London copper edged up on Wednesday as month-end consumer buying helped partly erase sharp losses in the previous session, but caution ahead of a U.S. monetary policy meeting and Chinese manufacturing data kept a lid on gains.
* Three-month copper on the London Metal Exchange climbed by 0.56 percent to $6772.50 a tonne by 0109 GMT, paring losses from the previous session when it fell by 2 percent.
* Prices on Tuesday fell to the lowest since July 10 at $6721 a tonne.
* The most-traded November copper contract on the Shanghai Futures Exchange dropped by 0.92 percent to 48,680 yuan ($7,900)a tonne.
* U.S. home prices rose in May, suggesting the housing market recovery pushed ahead during the spring buying season, though the pace of gains slowed in what analysts said could be a sign of things to come.
* China's edict to more than 1,900 companies to shut excess production capacity by September is the latest effort to slim down bloated industries, but in the key steel, aluminium and cement sectors the cuts are just a fraction of their surpluses.
* China's official manufacturing PMI is released August 1. Activity in China's vast manufacturing sector may have contracted in July for the first time in 10 months, a Reuters poll showed, signalling a protracted slowdown in the world's second-largest economy as demand at home and abroad sags.
* Aluminium premiums are still at record highs even after the London Metal Exchange announced plans to overhaul its warehousing policy, which will depress the physical market in the long term, Century Aluminium Co said on Tuesday.
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* Asian shares were flat on Wednesday and the dollar held onto some slight gains as market momentum stalled ahead of the outcome of the U.S. Federal Reserve policy meeting and release of U.S. GDP data.
* The dollar struggled to extend modest overnight gains early in Asia on Wednesday as investors trod cautiously ahead of the outcome of the Federal Reserve policy review that could see the central bank drive home a dovish message.
DATA/EVENTS (GMT) 0600 Germany Retail sales 0755 Germany Unemployment rate 0900 Euro zone Inflation 0900 Euro zone Unemployment rate 1215 U.S. ADP employment report 1230 U.S. Q2 GDP Advance 1345 U.S. Chicago PMI 1430 U.S. EIA weekly crude stocks 1800 Federal Open Market Committee announces outcome of policy meeting
PRICES Base metals prices at 0108 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 6772.50 37.50 +0.56 -14.59 SHFE CU FUT NOV3 48680 -450 -0.92 -15.60 HG COPPER SEP3 3.06 0.02 +0.58 -99.16 LME Alum 1783.00 7.00 +0.39 -13.91 SHFE AL FUT NOV3 14220 -40 -0.28 -7.33 LME Zinc 1842.50 6.50 +0.35 -10.71 SHFE ZN FUT NOV3 14455 -1090 -7.01 -7.01 LME Nickel 13640.00 115.00 +0.85 -20.49 LME Lead 2035.00 5.00 +0.25 -13.03 SHFE PB FUT 0.00 -13890.00 -100.00 -100.00 LME Tin 19700.00 -75.00 -0.38 -15.81 LME/Shanghai arb^ -375
Shanghai and COMEX contracts show most active months ($1 = 6.1317 Chinese yuan)
(Reporting by Melanie Burton; Editing by Michael Perry)