×

METALS-London copper marks time, strike threat supports

(Adds comment, detail; updates prices) MELBOURNE, July 5 (Reuters) - London copper was steady on Wednesday, supported by strike threats at a South American copper producer, while worries over tepid demand growth from top consumer China in the second half dragged. "We think base metals have gotten somewhat ahead of themselves during the course of June," Ed Meir of INTLFCSTONE said in a report. "China's macro numbers remain decent, but most economists expect growth to moderate going into the second half. The sector to watch is real estate; we think the recent price advances in prices are becoming increasingly untenable against a backdrop of tightening credit and affordability," he said. "The rate of decline (in house prices) should accelerate as time goes on and we should see more of a restraining price impact on both ferrous and nonferrous metals as a result."

* LME COPPER: London Metal Exchange copper had edged up by 0.1 percent to $5,898 a tonne by 0621 GMT, having logged modest losses of 0.6 percent in the previous session. Prices, which failed near resistance at $6,000 a tonne, are now easing to support at the 100-day moving average of $5,774.

* SHFE COPPER: Shanghai Futures Exchange copper cut losses to trade flat at 47,210 yuan ($6,948) a tonne.

* ANTOFAGASTA: Chilean mining company Antofagasta Minerals , one of the biggest global copper producers, was facing potential strikes from workers at its Zaldivar mine and by supervisors at Centinela as contract talks continue.

* CHINA ECONOMY: China's services sector grew at a slower pace in June as new orders slumped, signaling renewed pressure on businesses.

* NORTH KOREA: North Korea said on Wednesday it had conducted a test of a newly developed intercontinental ballistic missile that can carry a large and heavy nuclear warhead.

* GLENCORE: A group of former traders from commodity house Glencore are set to launch an online platform on Wednesday that allows mining companies and smelters to cut out the middlemen and save cash on deals for concentrates.

* BAUXITE, NICKEL: Indonesia has issued recommendations to two more companies to allow them to export mineral ores.

* CHINA ECONOMY: China's central bank said on Tuesday the shadow banking sector lacks sufficient regulation and the bank would give more prominence to financial risk controls.

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

MARKETS NEWS

* Asian share markets were subdued for a second session on Wednesday as simmering tensions on the Korean peninsula supported safe-harbors including the yen, bonds and gold.

DATA/EVENTS 0750 France Markit services PMI Jun 0755 Germany Markit services PMI Jun 0800 Euro zone Markit services PMI final Jun 0900 Euro zone Retail sales May 1345 U.S. ISM-New York index Jun 1400 U.S. Factory orders May 1800 Federal Reserve to release minutes from June meeting

PRICES

0609 GMT

Three month LME 5900.5

copper

Most active ShFE 47230

copper

Three month LME 1930

aluminum

Most active ShFE 14185

aluminum

Three month LME 2797

zinc

Most active ShFE 23095

zinc

Three month LME 2296

lead

Most active ShFE 17665

lead

Three month LME 9175

nickel

Most active ShFE 75270

nickel

Three month LME tin 19995 Most active ShFE 145240

tin

LME/SHFE COPPER LMESHFCUc3 426.82 LME/SHFE ALUMINIUM LMESHFALc3 -1012.48 LME/SHFE ZINC LMESHFZNc3 301.24 LME/SHFE LEAD LMESHFPBc3 -1366.36 LME/SHFE NICKEL LMESHFNIc3 2472.64

($1 = 6.7952 Chinese yuan renminbi)

(Reporting by Melanie Burton; Editing by Richard Pullin and Joseph Radford)