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METALS-Copper rises for 2nd day, but eyes worst month since May

SINGAPORE, Oct 31 (Reuters) - London copper climbed for a second session on Wednesday, pushing further away from two-month lows as risk appetite improved, but the industrial metal is heading for its weakest month since May as demand from top consumer China stayed sluggish.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange climbed 0.6 percent to $7,765.75 a tonne by 0153 GMT, building on small gains from the previous session after prices plumbed two-month lows of $7,670 earlier this week.

* LME copper is down more than 5 percent so far in October, its steepest drop since falling nearly 12 percent in May.

* The most-traded February copper contract on the Shanghai Futures Exchange rose 0.3 percent to 56,640 yuan ($9,100) a tonne.

* Millions of people were left reeling in the aftermath of the whipping winds and heavy rains of the massive storm Sandy on Tuesday as New York City and many parts of the eastern United States struggled with epic flooding and extensive power outages.

* Euro zone finance ministers will hold a conference call on Wednesday to discuss progress in negotiations of the revised Greek bailout but are not expected to make any decisions yet, two euro zone officials said on Tuesday.

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MARKETS NEWS

* Asian shares rose and the yen was pressured on Wednesday, as risk appetite recovered slightly after European equities and the euro firmed overnight while U.S. financial markets looked set to resume trading with the passage of a powerful storm.

* Japan's Nikkei share average moved higher at Wednesday's open after losing 1 percent on profit-taking the previous day when the Bank of Japan eased monetary policy in line with expectations.

DATA/EVENTS (GMT)

0500 Japan Construction orders Sep 0700 Germany Retail sales Sep 1000 Euro zone Inflation Oct 1000 Euro zone Unemployment rate Sep 1345 U.S. Chicago PMI Oct

Euro zone finance ministers hold conference call to discuss Greece

Base metals prices at 0153 GMT

Metal Last Change Pct Move YTD pct chg LME Cu 7765.75 45.75 +0.59 2.18 SHFE CU FUT FEB3 56640 160 +0.28 2.31 HG COPPER DEC2 352.35 1.75 +0.50 2.55 LME Alum 1921.00 12.00 +0.63 -4.90 SHFE AL FUT JAN3 15320 35 +0.23 -3.31 LME Zinc 1862.00 7.00 +0.38 0.92 SHFE ZN FUT JAN3 14780 100 +0.68 -0.10 LME Nickel 16175.00 125.00 +0.78 -13.55 LME Lead 2058.00 16.00 +0.78 1.13 SHFE PB FUT 15250.00 70.00 +0.46 -0.23 LME Tin 19768.00 -32.00 -0.16 2.96 LME/Shanghai arb^ 48

Shanghai and COMEX contracts show most active months ($1 = 6.2405 Chinese yuan)

(Reporting by Melanie Burton; Editing by Manolo Serapio Jr.)