METALS-Copper sags to almost 2-month low on tapering worries

Tuesday, 12 Nov 2013 | 8:42 PM ET

SINGAPORE, Nov 13 (Reuters) - London copper dropped to its lowest in nearly two months on Wednesday after a Federal Reserve official said the U.S. may still trim its massive bond buying scheme this year, eroding support for stimulus-friendly commodities.


* Three-month copper on the London Metal Exchange slipped by 0.5 percent to $7,084.50 a tonne by 0113 GMT, extending losses from the previous session.

* Prices earlier slipped to 7,077.50 a tonne, the weakest since Sept. 18.

* The most-traded January copper contract on the Shanghai Futures Exchange fell 1 percent to 50,950 yuan ($8,400) a tonne having also touched its lowest in nearly two months.

* LME lead fell for a fifth session to a one-month trough at $2,100. ShFE aluminium fell to its lowest in around seven weeks tracking overnight losses in London.

* Atlanta Fed President Dennis Lockhart told reporters a so-called tapering of the quantitative easing program remains a possibility at the Dec. 17-18 policy meeting.

* The outlook for growth in developed economies improved further in September, with a fledgling recovery "gaining momentum" in the euro zone, the OECD said on Tuesday as it published its monthly indicator of international economic prospects.

* China's leaders pledged to let markets play a "decisive" role in the economy as they unveiled a reform agenda for the next decade on Tuesday, looking to secure new drivers of future growth.

* Copper prices will not suffer significantly from what is expected to be a modest global surplus next year, the chief executive officer of the world's No. 1 producer of the metal told Reuters on Tuesday.

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


* Global equity markets and government debt prices slipped on Tuesday and the dollar rose as investors contemplated prospects for fewer bond purchases by the Federal Reserve, a critical support for asset prices and the economy.


1000 Euro zone Industrial production

1130 India M3 money supply

1200 U.S. Weekly mortgage market index

1900 U.S. Federal budget


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 = 6.0919 Chinese yuan)

(Reporting by Melanie Burton; Editing by Richard Pullin)