News: METALS-London copper bogged near one-week low as Fed meet curbs risk appetite

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    MELBOURNE, July 26 (Reuters) - London copper was trapped near one-week lows on Tuesday as risk appetite dried up and volumes dwindled ahead of the U.S. Federal Reserve's policy meeting starting later in the session.

    FUNDAMENTALS

    • Three-month copper on the London Metal Exchange CMCU3 edged down by 0.1 percent to $4,895 a tonne by 0100 GMT, extending a mild 0.4 decline from the previous session when prices hit the lowest in a week at $4,875 a tonne.
    • Shanghai Futures Exchange copper SCFcv1 fell 1 percent to 37,790 yuan ($5,659) a tonne.
    • In other metals, LME nickel CMNI3 prices fell 0.5 percent, reversing Monday's gain. Volumes of all contracts were particularly low at less than 400 lots across the complex.
    • German business morale fell only slightly in July, a benchmark survey showed, suggesting Europe's largest economy has weathered the immediate storm from Britain's vote to leave the European Union.
    • The International Monetary Fund on Monday said it adopted a new methodology for calculating the currency amounts in the Special Drawing Rights (SDR) the fund uses for transactions, partly to ensure that China's yuan meets the IMF Board's intended weighting.
    • Borrowing costs and access to funding are the key obstacles to private investment in China, a senior official at the top economic planning agency said on Monday, after private investment growth shrank to a record low.
    • Grupo Mexico's April-June production of copper was up 22.7 percent at 266,071 tons from the same period of 2015, while its output of zinc jumped by 43 percent.
    • For the top stories in metals and other news, click [TOP/MTL] or [MET/L]

      MARKETS NEWS

    • Caution gripped Asian markets on Tuesday, sending the safe-haven yen higher ahead of central bank meetings in the United States and Japan, while a fresh skid in oil dampened energy stocks on Wall Street. [MKTS/GLOB]

      DATA/EVENTS 1300 U.S. S&P/Case Shiller home price index May 1345 U.S. Markit flash PMI July 1400 U.S. New home sales June 1400 U.S. Conference Board consumer confidence index July Federal Open Market Committee starts two-day policy meeting

      PRICES Three month LME copper CMCU3 Most active ShFE copper SCFcv1 Three month LME aluminium CMAL3 Most active ShFE aluminium SAFcv1 Three month LME zinc CMZN3 Most active ShFE zinc SZNcv1 Three month LME lead CMPB3 Most active ShFE lead SPBcv1 Three month LME nickel CMNI3 Most active ShFE nickel SNIcv1 Three month LME tin CMSN3 Most active ShFE tin SSNcv1 ($1 = 6.6783 Chinese yuan renminbi)

 
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