×

METALS-London copper drifts as dollar climbs in holiday-thinned trade

(Adds comment, detail; updates prices) MELBOURNE, May 30 (Reuters) - London copper prices drifted on Tuesday as the dollar climbed, with markets waiting for trading to resume in top metals consumer China after a public holiday. "Holidays across the globe saw markets remain directionless. Investors are likely to remain relatively subdued leading into key economic data releases later this week," said Kingdom Futures in a report.

FUNDAMENTALS

* LME COPPER: London Metal Exchange copper was down 0.8 percent at $5,610 a tonne by 0724 GMT, as trade resumed after a long weekend. Other metals slipped less than half a percent from Friday's close.

* VOLUMES: Volumes were very thin, with less than 4,000 lots of turnover across London base metal contracts.

* DOLLAR: The dollar hit the highest since May 19 against a basket of currencies, making metals more expensive for buyers paying with other currencies.

* SHFE: The Shanghai Futures Exchange was closed for the Dragon Boat Festival and will reopen on Wednesday.

* CHINA: Factory activity in China is expected to have grown at its slowest pace in eight months, a Reuters poll showed, as previous stimulus fades and policymakers focus on tackling rising debt - a sign the cool down in manufacturing will persist through 2017.

* EURO ZONE: Euro zone growth may be improving but inflation remains subdued and still requires substantial stimulus, European Central Bank President Mario Draghi said on Monday, tempering expectations for the bank's June 8 policy meeting.

* CHILE COPPER: Companies have stepped up their requests for engineers and other positions at early stage mining projects in Chile, a local recruiter said on Monday, in a further sign of activity warming up in the industry.

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

MARKETS NEWS

* The euro came under pressure on Tuesday after a media report that Greece may forego its next bailout payment if creditors cannot strike a debt relief deal, while Asian stocks were shackled by holidays in some regional markets and the United States and UK.

DATA AHEAD (GMT) 0530 France Detailed GDP Q1 0600 Germany Import prices April 0645 France Consumer confidence May 0645 France Consumer spending April 0900 Euro zone Business climate May 1200 Germany Consumer prices May 1230 U.S. Personal income April 1300 U.S. S&P/Case-Shiller housing index March 1400 U.S. Consumer confidence May PRICES

BASE METALS PRICES 0725 GMT Three month LME copper 5607.5 Most active ShFE copper 0 Three month LME aluminum 1948.5 Most active ShFE aluminum 0 Three month LME zinc 2631 Most active ShFE zinc 0 Three month LME lead 2114.5 Most active ShFE lead 0 Three month LME nickel 9050 Most active ShFE nickel 0 Three month LME tin 20380 Most active ShFE tin 0

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 0 LME/SHFE ALUMINIUM LMESHFALc3 0 LME/SHFE ZINC LMESHFZNc3 0 LME/SHFE LEAD LMESHFPBc3 -1487.01 LME/SHFE NICKEL LMESHFNIc3 1928.53

(Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips and Joseph Radford)