METALS-London copper edges off one-week low, downside risks seen

MELBOURNE, Nov 29 (Reuters) - London copper edged higher on Wednesday, pulling away from its lowest in more than a week hit in the previous session, as the United States progressed with a bill that would support tax cuts but analysts said given weaker oil prices, any reprieve may prove short term.


* LME: London Metal Exchange copper rose by 0.4 percent to $6,832.50 a tonne by 0216 GMT, paring losses from the previous session when prices dipped to the weakest since Nov. 20 at $6,797.50 and finished down 2 percent. A trader said that shorts were covering their positions.

* SHFE: Shanghai Futures Exchange copper eased by 0.6 percent to 53,270 yuan ($8,062) a tonne.

* U.S. ECONOMY: U.S. Senate Republicans rammed forward President Donald Trump's tax-cut bill on Tuesday in an abrupt, partisan committee vote that set up a full vote by the Senate as soon as Thursday, although some details of the measure remained unsettled. 1/8nL1N1NY0QV 3/8

* OIL: Oil prices eased on Tuesday, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed.

* COPPER: The global copper market will be balanced for the foreseeable future even as mine supplies tighten and demand from China, the world's top consumer, remains strong, executives from major copper companies said on Wednesday.

* CHINA ENVIRONMENT: China's environmental crackdown is the "biggest uncertainty" facing the nation's copper smelters, as the government steps up inspections and stiffens emissions control standards, an executive from Jiangxi Copper Co Ltd said on Wednesday.

* ALUMINIUM: The Trump administration launched an aggressive new trade action against China on Tuesday, opening the first U.S. government-initiated anti-subsidy and anti-dumping probes in decades into imports of Chinese aluminum alloy sheet.

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* Asian shares rose and the dollar held firm on Wednesday after Wall Street shot to record peaks amid signs of progress on U.S. tax cuts, upbeat economic data and bank-friendly comments from the would-be head of the Federal Reserve.

Day ahead 0745 France Consumer spending Oct 1000 Euro zone Business climate Nov 1300 Germany Consumer prices Nov 1330 U.S. GDP 2nd estimate Q3 1500 U.S. Pending homes sales Oct 1900 U.S. Federal Reserve Beige Book on economic condition

BASE METALS PRICES 1321 GMT Three month LME copper 6826 Most active ShFE copper 53220 Three month LME aluminum 2104.5 Most active ShFE aluminum 14690 Three month LME zinc 3167.5 Most active ShFE zinc 24930 Three month LME lead 2434 Most active ShFE lead 18275 Three month LME nickel 11415 Most active ShFE nickel 92140 Three month LME tin 19510 Most active ShFE tin 142900



($1 = 6.6078 Chinese yuan)

(Reporting by Melanie Burton; Editing by Amrutha Gayathri)