August 26, 2014 / 12:53 AM / 3 years ago

METALS-London copper hits 3-wk high on hopes of EU stimulus

SYDNEY, Aug 26 (Reuters) - London copper climbed to a three-week high as the market reopened after a holiday weekend on Tuesday, with signs of weakening in Europe’s economy fanning hopes for fresh stimulus.


* Three-month copper on the London Metal Exchange traded at $7,097 a tonne by 0027 GMT, having earlier reached its highest since Aug. 5 at $7,108.75 a tonne. Prices last week notched their biggest weekly gain in 11 months.

* The most-traded October copper contract on the Shanghai Futures Exchange traded at 50,730 yuan ($8,243) a tonne in overnight trade, having marked a 7-week top on Monday.

* The euro zone’s flat-lining economy took another hit on Monday when data showed German business sentiment sagging for the fourth month running, while a row over the lack of growth led the French government to resign.

* Sales of new U.S. single-family homes fell for a second straight month in July, but a surge in the stock of properties on the market and slower price gains should help stimulate demand in the months ahead.

* Divided by mistrust and mutual recriminations, the Russian and Ukrainian leaders will hold rare talks on Tuesday that offer only a slim hope of progress towards ending five months of separatist war in Ukraine.

* Chile reduced its global outlook for copper prices to an average $3.05 per pound this year, down from its previous estimate of $3.15, as prospects for growth ease in top buyer China.

* Aluminum producer Alcoa Inc said on Monday it would permanently close its Portovesme smelter on the Italian island of Sardinia.

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* Global equity markets rallied on Monday, with the U.S. benchmark S&P index topping the 2,000 mark for the first time, as expectations grew that the European Central Bank would move to boost economic growth if inflation slows further.


1230 U.S. Durable goods orders July

1300 U.S. Monthly home price index June

1300 U.S. S&P/Case-Shiller home prices June

1400 U.S. Consumer confidence Aug

1400 U.S. Richmond Fed composite index Aug


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

Three month LME tin

1 US dollar = 6.1540 Chinese yuan Reporting by Melanie Burton; Editing by Joseph Radford

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