METALS-London copper edges down but China economy underpins
SINGAPORE, Aug 12 (Reuters) - London copper slipped on Monday after posting its biggest weekly gain in 11 months last week, but signs of stabilising growth in top consumer China continued to support prices.
* Three-month copper on the London Metal Exchange had dropped 0.54 percent to $7,235 a tonne by 0122 GMT from the previous session when it closed up 1.2 percent.
* Copper prices finished last week up 3.8 percent, the biggest weekly gain since September 2012.
* The most-traded November copper contract on the Shanghai Futures Exchange climbed by 0.76 percent to 51,950 yuan ($8,500) a tonne.
* China's factory output grew in July at its fastest pace since the start of the year, adding to a run of data suggesting the world's second-largest economy may be stabilising after more than two years of slumping growth.
* President Barack Obama said on Friday that Lawrence Summers and Janet Yellen were both highly qualified to be the next chair of the U.S. Federal Reserve, but stressed that there was a "range of outstanding candidates" for this vital job.
* Data showed Japan's economy grew at a slower-than-expected pace in April-June.
* Hedge funds and money managers cut their net short positions in copper futures and options and their net long positions in gold and silver in the week to Aug. 6, a report by the Commodity Futures Trading Commission showed.
* CME Group Inc said on Friday that the initial trade of its first aluminium Midwest premium futures contract was made earlier this week.
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* Japanese shares fell to a six-week low on Monday and the yen strengthened after Japan's GDP numbers.
* The dollar was a touch firmer in Asia on Monday as the euro took a knock from more aid rumblings over Greece, while technical signals were flashing oversold after almost five weeks of losses for the U.S. currency.
DATA/EVENTS (GMT) 0430 Japan Revised Industrial Output For June 0430 Japan Capacity Utilization Index For June 0645 France Current Account For June 0715 Swiss Retail Sales For June 1800 U.S. Federal Budget For July 2350 Japan Machinery Orders For June N/A Bank Of Japan Releases Minutes Of July 10-11 Meeting
PRICES Base metals prices at 0122 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 7235.00 -39.00 -0.54 -8.75 SHFE CU FUT NOV3 51950 390 +0.76 -9.93 HG COPPER SEP3 3.29 -0.02 -0.50 -99.10 LME Alum 1861.00 -11.00 -0.59 -10.14 SHFE AL FUT NOV3 14395 70 +0.49 -6.19 LME Zinc 1929.25 -14.75 -0.76 -6.51 SHFE ZN FUT NOV3 14905 -640 -4.12 -4.12 LME Nickel 14735.00 55.00 +0.37 -14.11 LME Lead 2177.75 -2.25 -0.10 -6.93 SHFE PB FUT 14450.00 225.00 +1.58 -5.25 LME Tin 21900.00 -175.00 -0.79 -6.41 LME/Shanghai arb^ -260
Shanghai and COMEX contracts show most active months ($1 = 6.1230 Chinese yuan)
(Reporting by Melanie Burton; Editing by Joseph Radford)