METALS-Shanghai copper hits 4-month high on hopes of global revival
SINGAPORE, Aug 26 (Reuters) - Shanghai copper pushed to its loftiest in more than four months on Monday, supported by mounting evidence the global economy is on the mend and in the absence of London markets due to a public holiday.
* The most-traded December copper contract on the Shanghai Futures Exchange climbed 1.24 percent to 53,260 yuan ($8,700) a tonne by 0123 GMT. It earlier hit 53,620, its highest since April 15.
* The London Metal Exchange was shut for a bank holiday Monday.
* U.S. and Chinese manufacturing activity at multi-month highs last week, while better-than-expected growth was seen in the euro zone, reinforcing hopes the world economy was on the mend.
* Sales of new single-family homes in the United States fell sharply in July to their lowest level in nine months, casting a shadow over the country's housing recovery.
* Germany confirmed on Friday it had enjoyed its fastest rate of economic expansion in more than a year in the second quarter, and Britain revised up its growth to the same rate.
* Hedge funds and money managers boosted net longs in copper markets to their highest level since February in the week up to Aug. 20, a report by the Commodity Futures Trading Commission showed on Friday.
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* Asian stocks rose and gold hit a near three-month high while the dollar nursed losses on Monday, extending a move started late last week when a steep drop in U.S. new home sales tempered expectations the Federal Reserve will soon reduce stimulus.
* The dollar was broadly steady against its major counterparts in Asia on Monday and near enough to some long-lasting support levels that the decline of the past few weeks suggests a rebound is probably on the cards.
DATA/EVENTS (GMT) 1230 U.S. Durable goods orders 1430 U.S. Dallas Fed Texas manufacturing index
PRICES Base metals prices at 0123 GMT
Metal Last Change Pct Move YTD pct chg LME Cu -- -- -- -- SHFE CU FUT DEC3 53260 650 +1.24 -7.66 HG COPPER SEP3 3.37 0.03 +0.78 -99.08 LME Alum -- -- -- -- SHFE AL FUT DEC3 14485 55 +0.38 -5.60 LME Zinc -- -- -- -- SHFE ZN FUT DEC3 15225 -320 -2.06 -2.06 LME Nickel -- -- -- -- LME Lead -- -- -- -- SHFE PB FUT 14955.00 140.00 +0.94 -1.93 LME Tin -- -- -- -- LME/Shanghai arb^ ---
Shanghai and COMEX contracts show most active months month ($1 = 6.1210 Chinese yuan)
(Reporting by Melanie Burton; Editing by Richard Pullin)