* China Zhongwang says semis exports in line with regulation
* Coming up: U.S. durable goods orders at 1230 GMT
* Coming up: FOMC meet begins on Tuesday (Adds detail, updates prices)
By Melanie Burton
MELBOURNE, Oct 27 (Reuters) - London copper rose on Tuesday, but remained in its recent range as caution kicked in ahead of key central bank meetings this week.
Prices have failed to get much lift from China’s interest rate drop and cut to banks reserve holding requirements last week, on worries that such stimulus is seeing diminishing returns in the real economy.
But with miners trimming output and higher spending from China’s state grid, a major copper user, prices may be near finding a floor, said analyst Dan Morgan at UBS in Sydney.
“You’ve got a few supply side cuts that might make people think twice about shorting from here ... plus imports have been strong. I think (copper prices) are a tad oversold.”
Three-month copper on the London Metal Exchange had climbed 0.8 percent to $5,233 a tonne by 0716 GMT after closing a touch firmer on Monday. Prices have lost the momentum to push away from six-year lows below $5,000 hit in late August.
“Clearly what we see in the physical markets is that there’s certainly no shortfall in cargo, and certainly we don’t expect that to change in the foreseeable future,” said a metals trader in Singapore.
Shanghai Futures Exchange copper rose 0.5 percent to 39,310 yuan ($6,189) a tonne.
China stocks fell on Tuesday on fears that moves to liberalise deposit rates will squeeze banks’ margins, and as some investors took profits after a rise in the previous session.
Profits earned by Chinese industrial companies fell 0.1 percent in September from a year earlier, data from the statistics bureau showed on Tuesday, levelling after a record 8.8-percent collapse in August.
Some brighter indications for copper demand emerged from the United States where single-family home sales dropped to near a one-year low in September after two straight months of gains, but a jump in prices suggested that housing remained on solid ground.
Elsewhere, China’s ruling Communist Party opened a key meeting on Monday that will focus on financial reforms and how to maintain growth of around 7 percent.
With LME aluminium prices bogged down at six-year lows below $1,500, focus is intensifying on China exports.
China Zhongwang Holdings Ltd the world’s second largest producer of aluminium extrusions, denied U.S. accusations it had evaded import duties, saying its export business had been conducted in strict accordance with rules in China and overseas markets.
China tin has slumped by 20 percent since its launch in February and is perched near record lows at 96,500 yuan a tonne, a break of which may ramp pressure on the LME tin contract which had dropped 0.4 percent to 15,435 on Tuesday.
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin ($1 = 6.3491 Chinese yuan renminbi) ($1 = 6.3515 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Joseph Radford)