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METALS-London copper near one-month peak as dollar drops

Monday, 9 Dec 2013 | 8:40 PM ET

SINGAPORE, Dec 10 (Reuters) - London copper held close to one-month highs on Tuesday as expectations that the Federal Reserve could soon start tapering its economic stimulus undermined the dollar, while steady consumer buying from China put a floor under prices.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was trading flat at $7,123.50 a tonne by 0110 GMT from the previous session when it finished little changed but hit its highest since Nov. 12 at $7,149 a tonne.

* The most-traded February copper contract on the Shanghai Futures Exchange edged up 0.16 percent to 50,980 yuan ($8,400) a tonne.

* A top Federal Reserve official who is sometimes seen as a bellwether for U.S. monetary policy on Monday offered his voice to a growing contingent at the central bank that has argued for reducing the Fed's bond-buying at a meeting next week.

* China's annual consumer inflation unexpectedly slowed in November, easing market fears of any imminent policy tightening as authorities meet this week to outline their policy and reform priorities for 2014.

* Base metals, led by nickel, appear set to trend higher in 2014 due to tighter supplies, while unfavourable economics should keep pressure on gold and oil and prompt investors to avoid much of the commodity complex, Barclays said on Monday.

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MARKETS NEWS

* Stocks edged up in early Asian trade on Tuesday, while tighter money market conditions in the euro zone drove the euro close to a five-year peak against the yen and a six-week high against the dollar.

DATA (GMT)

0500 Japan consumer confidence

0530 China industrial output

0530 China retail sales

0530 China urban investment

0745 France industrial output

1230 U.S. NFIB business optimism

1245 U.S. weekly ICSC chain store sales <USUBSY=ECI

1500 U.S. ISM semiannual economic forecast

1500 U.S. wholesale inventories

1700 world agricultural supply and demand report

1900 U.S. Federal budget

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 = 6.0723 Chinese yuan)

(Reporting by Melanie Burton; Editing by Joseph Radford)