METALS-Copper hits 2-week top as dollar crumbles
SINGAPORE, Aug 8 (Reuters) - London copper hit its highest in two weeks on Thursday after the dollar fell on comments by a U.S. Federal Reserve official suggesting the central bank could soon reduce the pace of its bond buying, while markets eyed the release of Chinese trade data.
* Three-month copper on the London Metal Exchange rose by 1.05 percent to $7,079.50 a tonne by 0120 GMT, from the previous session when it closed little changed.
* Copper prices rallied to 7094.75 a tonne, the highest since July 24.
* The most-traded November copper contract on the Shanghai Futures Exchange climbed 1.9 percent to 50,930 yuan a tonne.
* The Federal Reserve could soon begin reducing the pace of its bond-buying stimulus if recent improvement in the U.S. job market persists, the president of the Cleveland Fed, Sandra Pianalto, said on Wednesday.
* China's exports, factory output and retail sales may have all edged up in July, a Reuters poll showed, showing initial signs of stabilisation in the economy as the government takes targeted steps to head off a sharper slowdown.
* China's imports of crude oil and iron ore are expected to have risen in July, rebounding from multi-month lows hit in June, after a mild pick up in manufacturing activity in the world's second-biggest economy.
* Brazilian miner Vale SA said on Wednesday its second-quarter profit plunged after the company recorded a surprise $2.78 billion in foreign exchange losses on currency derivatives and debt, one of its worst bottom-line results in a decade.
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* Asian stocks found a tentative footing early on Thursday, having suffered their biggest one-day slide in a month, though investors were nervous ahead of a slew of Chinese data as a troubling slowdown in the world's second-largest economy has rattled global markets recently.
* The dollar crumbled to seven-week lows on Thursday after the yen ploughed through major resistance levels in a stop-loss frenzy, while sterling joined the fight as the market brought forward the day when UK rates might start to rise.
DATA/EVENTS (GMT) China Exports yy Jul China Imports yy Jul China Trade balance Jul 1430 U.S. EIA natural gas stocks Weekly
PRICES Base metals prices at 0121 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 7079.50 73.50 +1.05 -10.71 SHFE CU FUT NOV3 50930 950 +1.90 -11.70 HG COPPER SEP3 3.21 0.04 +1.29 -99.12 LME Alum 1805.00 8.00 +0.45 -12.84 SHFE AL FUT NOV3 14245 45 +0.32 -7.17 LME Zinc 1861.50 13.50 +0.73 -9.79 SHFE ZN FUT NOV3 14595 -950 -6.11 -6.11 LME Nickel 14025.00 50.00 +0.36 -18.25 LME Lead 2120.00 14.00 +0.66 -9.40 SHFE PB FUT 14070.00 45.00 +0.32 -7.74 LME Tin 21270.00 0.00 +0.00 -9.10 LME/Shanghai arb^ -406
Shanghai and COMEX contracts show most active months
(Reporting by Melanie Burton; Editing by Richard Pullin)