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METALS-London copper sags ahead of key China policy meeting

Monday, 11 Nov 2013 | 9:09 PM ET

SINGAPORE, Nov 12 (Reuters) - London copper slipped on Tuesday from one-week highs hit the session before, as traders showed caution ahead of expected major policy announcements from top consumer China.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange sagged by 0.40 percent to $7,144.25 a tonne by 0123 GMT, from the previous session when it finished little changed having struck its loftiest in a week at $7,206.75.

* The most-traded January copper contract on the Shanghai Futures Exchange slipped 0.48 percent to 51,440 yuan ($8,400)a tonne.

* LME aluminium hit its lowest in around six weeks on Monday, while LME nickel and lead fell to their lowest in around a month.

* LME nickel is the worst performer so far for November, having dropped almost 6 percent this month, dogged by oversupply and limp stainless steel sector demand.

* China's leaders will unveil a reform agenda for the next decade on Tuesday, seeking to balance the need to overhaul the world's second-largest economy as it loses steam with preserving stability and to reinforce the Communist Party's power.

* Russia's United Company Rusal , a leading global aluminium producer, posted a recurring net loss of $132 million in the three months ended September 2013, the company said on Tuesday.

* Brazilian miner Vale will put up for sale most of its shares in Norwegian aluminium producer Norsk Hydro in a planned exit from an asset it has long considered non-core, the company said on Monday in a securities filing.

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MARKETS NEWS

* Asian shares held steady on Tuesday, with investors turning their attention to the Chinese Communist Party policy-meeting for clues to China's economic agenda for the next decade, while the dollar's two-day rally against the euro came to a halt.

DATA/EVENTS (GMT)

0500 Japan Consumer confidence index

1200 India Industrial output

1230 U.S. NFIB small business confidence

1245 U.S. ICSC weekly chain store sales

1330 U.S. Chicago national activity index

1355 U.S. Redbook weekly retail sales

1500 U.S. Employment trend index

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 = 6.0913 Chinese yuan)

(Reporting by Melanie Burton; Editing by Ed Davies)