SHANGHAI July 16 (Reuters) - Shanghai copper is seen
opening steady on Friday, after U.S. economic data added to the
mixed picture of the global economic recovery.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange CMCU3
was little changed at $6,683 by 0027 GMT on Friday, on course
for a 1.1 percent weekly decline.
* When Shanghai closed on Thursday, LME copper stood at
$6,654.5.
* Economic data released on Thursday assured investors that
while China's economic growth has been slowing, it remains firm
and further tightening moves would be unlikely soon.
* Data from the U.S. offered a less optimistic view. New
U.S. claims for jobless aid tumbled to a near two-year low last
week, but a modest gain in industrial output and a third
monthly drop in wholesale prices in June confirmed a slackening
in the economy's recovery. [ID:nN15208925]
* LME copper stocks continued to decline, down 775 tonnes
to 427,725 tonnes on Thursday. The ratio of cancelled warrants
to total stocks stood at 7.38 percent.
MARKET NEWS
* The U.S. dollar was weak near 2-½ month lows against a
basket on currencies on Friday, while a burst of short-covering
lifted the euro through key resistance levels in what could be
a taste of things to come. [USD/]
* U.S. stocks ended little changed on Thursday, recouping
losses late in the day, led by a sudden turnaround in Goldman
Sachs and BP. [.N]
DATA/EVENTS
Data for Friday, July 16
EZ Eurostat trade, EUR May EUTBAL=ECI 0900 GMT
India M3 Money Supply INM3MS=ECI 1130 GMT
U.S. Consumer prices Jun USCPI=ECI 1230 GMT
U.S. Real earnings Jun USEARN=ECI 1230 GMT
U.S. U Mich 1-Yr Inflation-P Jul USM1YR=ECI 1355 GMT
U.S. U Mich sentiment index Jul-P USMN=ECI 1355 GMT
U.S. ECRI index Wkly USECRI=ECI 1430 GMT
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LME metal options trade [ID:nLDE6601N0] > China copper
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(Source: Reuters, Reporting by Rujun Shen and Jacqueline Wong; Editing by
Michael Urquhart)
