Jan 7 (Reuters) - London copper prices rose on Friday
alongside a rebound in global equities, though a firmer dollar
and expectations of an early U.S. interest rate hike kept the
metal on track for its biggest weekly decline since November.
Three-month copper on the London Metal Exchange <CMCU3> was
up 0.6% at $9,590 a tonne, as of 0325 GMT, after hitting a more
than two-week low on Thursday.
The most-traded February copper contract on the Shanghai
Futures Exchange <SCFcv1> was down 0.5% at 69,560 yuan
($10,908.29) a tonne.
Asian shares snapped two days of losses as investors awaited
to see whether U.S. jobs data due later in the day would
reinforce the need for faster U.S. interest rate hikes.
[MKTS/GLOB]
Meanwhile, the U.S. dollar was set to notch up a fifth
consecutive weekly gain on the Japanese yen. [USD/]
While a firmer U.S. dollar makes greenback-priced metals
more expensive to holders of other currencies, an interest rate
hike could trim liquidity in financial markets and slow recovery
in the world's biggest economy.
Among other industrial metals, LME aluminium <CMAL3> climbed
1.2% to $2,957.5 a tonne, nickel <CMNI3> rose 1.7% to $20,735 a
tonne, lead <CMPB3> gained 0.5% to $2,319.5 a tonne, zinc
<CMZN3> rose 1% to $3,586.5 a tonne and tin <CMSN3> edged up
0.7% to $39,410 a tonne.
FUNDAMENTALS
* ShFE aluminium <SAFcv1> rose 2.7% to 21,210 yuan a tonne,
nickel <SNIcv1> gained 1.2% to 153,150 yuan, zinc <SZNcv1> was
up 1.1% at 24,715 yuan and lead <SPBcv1> climbed 2.1% to 15,450
yuan. Tin <SSNcv1> rose 0.6% to 295,880 yuan a tonne.
* Indonesian President Joko Widodo said on Thursday more
than 2,000 mining, plantation and forest-use permits have been
revoked due to non-compliance or because they had been unused,
tightening oversight of the nation's natural resources.
[nL1N2TM0JY]
* For the top stories in metals and other news, click
[TOP/MTL] or [MET/L]
DATA/EVENTS (GMT)
0700 UK Halifax House Prices MM Dec
0700 Germany Industrial Output MM Nov
0745 France Reserve Assets Total Dec
1000 EU HICP Flash YY Dec
1000 EU HICP-X F&E Flash YY Dec
1000 EU Consumer Confid. Final Dec
1330 US Non-Farm Payrolls Dec
1330 US Unemployment Rate Dec
1330 US Average Earnings YY Dec
($1 = 6.3768 Chinese yuan)
(Reporting by Eileen Soreng in Bengaluru; Editing by Sherry
Jacob-Phillips)
(([email protected]; Within U.S. +1 646 223
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