METALS-Copper prices drop on oversupply; hopes for delayed tapering support

Sunday, 20 Oct 2013 | 9:54 PM ET

SINGAPORE, Oct 21 (Reuters) - London copper prices edged down on Monday on the prospect of rising supply, but hopes the United States would delay tapering its massive economic stimulus buoyed demand for metals.


* Three-month copper on the London Metal Exchange had slipped 0.37 percent to $7,218.50 a tonne by 0122 GMT. It finished little changed in the previous session.

* Copper prices finished last week down for a third week in four, shedding around half a percent as a rebound from 3-year lows touched in late June lost steam.

* The most-traded January copper contract on the Shanghai Futures Exchange fell 0.4 percent to 51,940 yuan ($8,500) a tonne.

* LME zinc, LME lead and LME nickel firmed around 0.2 percent, having hit the highest in one month for nickel, and around seven weeks each for lead and zinc on Friday.

* The Federal Reserve may have to wait until early next year before it sees sufficient strength in the U.S. economy to begin scaling back its bond-buying stimulus, after a destructive Washington budget battle that may take a bite out of growth.

* China's economy grew at its quickest pace this year between July and September in a rebound fuelled largely by investment, although signs are already emerging that the pick up in activity may lose some vigour.

* China may decide next month to expand a trial programme allowing local governments to sell bonds, in response to concerns that their huge borrowings are largely hidden from view and pose a risk to the stability of the nation's financial system.

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* Australian shares climbed to a five-year peak on Monday, taking cues from the U.S. S&P 500's record-high.

* The dollar was mired near an 8-month low against a basket of currencies on Monday on growing expectations the Fed would have to delay scaling back its stimulus following a 16-day government shutdown.


0600 Germany Producer prices

0800 Italy Industrial orders

1400 U.S. Existing home sales


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 6.0968 Chinese yuan)

(Reporting by Melanie Burton; Editing by Joseph Radford)