METALS-Copper eases ahead of Fed meeting, near 5-week low
SINGAPORE, Sept 17 (Reuters) - Copper edged lower on Tuesday, falling for three out of four sessions and trading close to five-week low on positioning ahead of a Federal Reserve policy meeting at which it is widely expected to begin withdrawing stimulus.
* Three-month copper on the London Metal Exchange had slid 0.3 percent to $7,060.50 a tonne by 0102 GMT. It fell to $7,024 a tonne on Friday, its weakest since Aug. 8.
* The most-traded December copper contract on the Shanghai Futures Exchange dropped 0.7 percent to 50,980 yuan a tonne.
* Despite a lacklustre August jobs report, the U.S. central bank is expected to begin scaling back its quantitative easing scheme by reducing its monthly asset purchases by about $10 billion from the current $85 billion.
* Expectations of higher supplies are also adding pressure to copper.
* Peru is likely to more than double its copper output by the end of 2016 as several large mining projects start production, government data and industry analysts said.
* Hedge funds and money managers slashed bullish bets in copper futures and options markets, pressured by expectations that the Fed will begin to unwind its monetary stimulus.
* On Monday, easing tension in Syria underpinned base metals prices, after Russia and the United States reached a deal on Saturday to remove Syrian President Bashar al Assad's chemical arsenal and possibly avert U.S. military action against him.
* Benchmark lead was little changed on Tuesday at $2,055 per tonne, after falling for the last six sessions, weighed down by rising stocks.
* Inventories <0#MPBSTX-LOC> of the metal shot up by 49,475 tonnes at LME-registered warehouses in the Dutch port of Vlissingen in one day last week. It was the biggest daily rise in lead stocks since 1970, LME data showed on Friday.
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* Asian shares slipped slightly and the dollar was treading water on Tuesday, as global markets braced for the outcome of the Fed meeting.
DATA/EVENTS (GMT) 0200 China FDI 0900 Germany ZEW economic sentiment 0900 Euro zone Eurostat trade 1145 U.S. ICSC weekly chain store sales 1230 U.S. Consumer inflation 1400 U.S. NAHB housing market index 2030 U.S. API weekly crude stocks Federal Open Market Committee begins two-day meeting
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Three month LME tin
(Reporting by Naveen Thukral; Editing by Joseph Radford)