METALS-London copper slips as swell in supply looms
SINGAPORE, Sept 24 (Reuters) - London copper edged down on Tuesday as the prospect of rising supply overshadowed a brightening outlook for demand, with data this week showing a flood of European and Chinese manufacturing orders in September.
* Three-month copper on the London Metal Exchange had slipped 0.38 percent to $7,222.50 a tonne by 0126 GMT, extending losses of less than half a percent from the previous session.
* Copper prices hit the highest in almost a month on Friday at $7,368 a tonne, but will need a new catalyst to break out of the $7,000-7,500 range they have been in since early August.
* The most-traded December copper contract on the Shanghai Futures Exchange climbed 0.35 percent to 52,060 yuan ($8,500) a tonne.
* Two of the world's top copper producers, Anglo American and Southern Copper, are talking about teaming up to develop Anglo's $3.3 billion Quellaveco mega mine in Peru, Southern Copper's chief executive said.
* Elsewhere, Anglo American expects to produce 20,000 to 25,000 tonnes of nickel in Brazil in 2013, said the executive president of the company's Brazilian nickel unit.
* The global market for refined copper is expected to swing into a 153,000 tonne surplus this year <MKTBAL-ACL>.
* A flood of new orders gave a boost to European and Chinese firms in September although weakness in U.S. factory activity tempered evidence of a healing global economy.
* The Federal Reserve must for now continue to push hard against threats to the U.S. recovery, but should still be able to reduce its support for the economy later this year, a central bank policymaker said.
* For the top stories in metals and other news, click , or
* Asian share markets got off to a tepid start on Tuesday, while currencies dithered in recent ranges.
* The euro nursed modest losses in Asia on Tuesday after the European Central Bank said it stood ready to do more to keep market rates down.
DATA/EVENTS (GMT) 0800 Germany Ifo business climate 1145 U.S. ICSC weekly chain store sales 1300 U.S. S&P-CaseShiller housing index 1300 U.S. FHFA home price index 1400 U.S. consumer confidence PRICES
Base metals prices at 0126 GMT
Metal Last Change Pct Move YTD pct chg LME Cu 7222.50 -27.50 -0.38 -8.91 SHFE CU FUT DEC3 52060 180 +0.35 -9.74 HG COPPER DEC3 3.29 -0.01 -0.32 -99.10 LME Alum 1813.00 -5.00 -0.28 -12.46 SHFE AL FUT JAN4 14160 55 +0.39 -7.72 LME Zinc 1887.50 -7.50 -0.40 -8.53 SHFE ZN FUT DEC3 14745 -800 -5.15 -5.15 LME Nickel 13930.00 -20.00 -0.14 -18.80 LME Lead 2076.50 -6.00 -0.29 -11.26 SHFE PB FUT 14135.00 20.00 +0.14 -7.31 LME Tin 22975.00 0.00 +0.00 -1.82
LME/Shanghai arb^ -341
Shanghai and COMEX contracts show most active months third month
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 ($1 = 6.1210 Chinese yuan)
(Reporting by Melanie Burton; Editing by Joseph Radford)