December 21, 2015 / 2:07 AM / 4 years ago

METALS-London copper prices drift even as smelters eye cutbacks

MELBOURNE, Dec 21 (Reuters) - London copper drifted on Monday at the start of a holiday-filled week, with news that China smelters are considering deeper production cuts failing to boost prices under pressure from falling demand growth.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange had slipped 0.3 percent to $4,671 a tonne by 0129 GMT, after 3.1-percent gains in the previous session - its biggest daily advance in more than two months. But prices remain stuck near 6-1/2 year lows below $4,450 a tonne hit in late November.

* Shanghai Futures Exchange copper traded up 1.7 percent at 36,010 yuan ($5,557) a tonne.

* The world economy may be set for another year like 2015, with modest growth in developed economies offsetting persistent weakness elsewhere but generating very little inflation and keeping interest rates low.

* China’s top leaders have started an annual meeting to map out economic and reform plans for 2016, state media reported on Friday.

* Nine large copper smelters in China have agreed that they could deepen planned production cuts next year beyond 350,000 tonnes proposed earlier if prices and profitability deteriorate, an executive at one of the smelters said.

* Hedge funds and money managers added to their net short positions in COMEX gold and copper contracts in the week to Dec. 15, U.S. Commodity Futures Trading Commission data showed on Friday.

* China’s aluminium consumption will peak in 2020 as new industrial uses drive growth, said the vice-president of a Chinese industry association on Sunday, the website of the state-backed China Securities Journal reported.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian share markets got off to a lacklustre start on Monday following a dive on Wall Street, though losses were limited by a general lack of investor interest in the holiday-heavy week.

DATA AHEAD (GMT)

0700 Germany Producer prices Nov

1330 U.S. National activity index Nov

1500 Euro zone Consumer confidence flash Dec

PRICES

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 = 6.4800 Chinese yuan renminbi Reporting by Melanie Burton; Editing by Joseph Radford

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