July 29 (Reuters) - London copper prices slipped from a
three-week high on Friday and were on track for their fourth
straight monthly decline, as growing recession fears and an
elevated U.S. dollar sapped demand for the metal.
* Three-month copper on the London Metal Exchange
was down 0.4% at $7,729 a tonne, as of 0245 GMT, after hitting
its highest since July 8 at $7,830 in the previous session.
* Copper prices were down about 6.5% so far this month,
tracking their worst monthly run of losses since August 2015.
* The most-traded September copper contract on the Shanghai
Futures Exchange rose 0.6% to 59,500 yuan ($8,818.34) a
* The dollar rose to its highest in nearly two
decades earlier this month, making greenback-denominated metals
more expensive for other currency holders.
* The U.S. economy unexpectedly contracted in the second
quarter, with consumer spending growing at its slowest pace in
two years and business spending declining, raising the risk that
the economy was on the cusp of a recession.
* Sharply higher interest rates, red-hot inflation and a
prolonged energy crisis are leading to conviction that the world
economy is headed inexorably towards recession.
* Japan's factories ramped up output at the fastest pace in
more than nine years in June as disruptions due to China's
COVID-19 curbs eased.
* Copper prices are expected to rebound further in the
coming months after heavy losses, a Reuters poll showed, as
China unleashes more infrastructure spending and other stimulus
for the economy.
* Investors awaited China's Politburo meeting, which is
likely to be convened later in the day, for cues about more
stimulus for infrastructure projects that could strengthen
* COLUMN-China lifts exports as West runs short of lead and
zinc: Andy Home.
* Russian metals producer Nornickel said on
Thursday its second-quarter nickel production fell by 6%
quarter-on-quarter to 48,472 tonnes due to scheduled annual
maintenance at its Harjavalta refinery in Finland.
* Asian stocks took their cue on Friday from a late rally on
Wall Street, as markets focused on a possible slowdown in the
pace of rate hikes.
0530 France GDP Preliminary QQ Q2
0645 France CPI (EU Norm) Prelim YY July
0755 Germany Unemployment Chng, Rate SA July
0800 Germany GDP Flash QQ SA, YY NSA Q2
0900 EU HICP Flash YY July
0900 EU HICP-X F&E Flash YY July
0900 EU GDP Flash Prelim YY, QQ Q2
1230 US Consumption, Adjusted MM June
1400 US U Mich Sentiment Final July
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 = 6.7473 Chinese yuan)
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu