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METALS-Copper set to close down for third week in four

Thursday, 24 Oct 2013 | 9:34 PM ET

SINGAPORE, Oct 25 (Reuters) - London copper held steady on Friday but was set to close lower for a third week in four after fitful global factory growth and fears China will clamp down on credit tarnished the outlook for metals demand.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange edged up 0.16 percent to $7,186 a tonne by 0115 GMT from the previous session when it finished little changed.

* Copper prices fell to the lowest since Oct. 11 at $7,137 a tonne on Thursday. Prices were set to close the week down by around one percent and remain down more than 9 percent this year.

* The most-traded January copper contract on the Shanghai Futures Exchange was steady at 51,700 yuan ($8,500)a tonne.

* Factories in China boosted production this month, but U.S. manufacturing output fell for the first time in four years while the euro zone economy lost momentum, surveys on Thursday showed.

* China's central bank added fuel to fears on Thursday it was clamping down on inflation risks as it allowed cash to drain from the financial system for a second straight week, sparking a jump in short-term rates.

* Greenland's parliament voted on Thursday to end a decades-long prohibition on mining for radioactive materials like uranium, further opening up the country to investors from Australia to China eager to tap its vast mineral resources.

* For the top stories in metals and other news, click , or

MARKETS NEWS

* Asian shares edged up on Friday and the dollar was hemmed in near a two-year low against the euro on expectations the U.S. Federal Reserve would maintain its massive monetary stimulus into 2014.

DATA/EVENTS

0800 Germany Ifo business climate

0800 Euro zone M3 money supply

1230 U.S. Durable goods orders

1400 U.S. Wholesale inventories

PRICES

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 = 6.0820 Chinese yuan)

(Reporting by Melanie Burton; Editing by Richard Pullin)