×

METALS--Copper consolidates below 4-week high, global growth supports

(Adds comment, detail, updates prices) MELBOURNE, Oct 11 (Reuters) - London metals edged lower on Wednesday as traders squared positions ahead of the release of minutes from the latest Federal Reserve meeting that may spark fresh dollar direction, and ahead of a looming China leadership meeting. But traders said buyers were still active given a raft of rosier economic readings, including an improvement in Japan machinery orders and an encouraging report on global growth from the International Monetary Fund. "The better-than-expected performance of base metals on the back of positive economic data is continuing to boost sentiment," ANZ said in a report.

* LME COPPER: London Metal Exchange copper slipped session, prices gained 1.4 percent, hitting $6,760.50, the highest since Sept. 11.

* SHFE COPPER: Shanghai Futures Exchange (ShFE) copper rose 0.5 percent to 52,360 yuan ($7,961) a tonne. It earlier rose to 52,520 yuan, the highest since Sept. 8.

* COPPER PREMIUMS RISE: Premiums for copper in or on the way to China rose to the highest since early August. Copper on a cost, insurance and freight basis to China edged up by $2.50 to $70 a tonne, the highest since Aug. 3. Premiums for metal in bonded warehouses in China rose $4 to $70 a tonne, the highest since Aug. 7. <0#BASECIF-SHMET> <CU-BMPBW-SHMET>

* BOOK-SQUARING: In the short term, traders were squaring books, said a Singapore trader. "It's FOMC day and given the 18 October Chinese leadership meeting... I think people are just squaring out their books."

* GLOBAL GROWTH: The current broad-based global economic upswing will likely be sustained this year and next, the International Monetary Fund said on Tuesday, with gains in most of the world offsetting sluggish outcomes in the United States, Britain and India.

* JAPAN ORDERS: Japan's core machinery orders rose for a second straight month in August, handily beating market expectations, signaling a pickup in capital expenditure that should encourage Prime Minister Shinzo Abe ahead of a general election this month.

* ALUMINIUM PREMIUMS: Japanese aluminum buyers will pay up to 21 percent less in import premiums in the October-December quarter to reflect a slide in spot premiums.

* CHINA LEAD: Chinese lead producer Haicheng Chengxin Nonferrous Metal Co has restarted production after repairing a smelting furnace that broke down a month ago, according to a company official.

* MARKETS: Asian shares jumped to the highest in a decade on Wednesday as Wall Street scaled all-time highs, while the dollar loitered around two-week lows on worries President Donald Trump's tax plan could stall.

* COMING UP: The Federal Reserve will release the minutes of its latest meeting. PRICES

BASE METALS PRICES 0610 GMT Three month LME copper 6737 Most active ShFE copper 52330 Three month LME aluminum 2153.5 Most active ShFE aluminum 16305 Three month LME zinc 3252.5 Most active ShFE zinc 26110 Three month LME lead 2538 Most active ShFE lead 20645 Three month LME nickel 10975 Most active ShFE nickel 87950 Three month LME tin 20730 Most active ShFE tin 145770

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 349.85 LME/SHFE ALUMINIUM LMESHFALc3 -194.4 LME/SHFE ZINC LMESHFZNc3 604.49 LME/SHFE LEAD LMESHFPBc3 -136.5 LME/SHFE NICKEL LMESHFNIc3 2024.73

($1 = 6.5770 Chinese yuan)

(Reporting by Melanie Burton; Editing by Christian Schmollinger and Subhranshu Sahu)