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METALS-Copper falls on weak demand, set for 1st weekly fall in 4

Nuevos Vecinos, Madrid, España
METALS-Copper falls on weak demand, set for 1st weekly fall in 4

(Updates prices, adds graphics)

By Mai Nguyen

SINGAPORE, July 5 (Reuters) – London copper prices eased on Friday and were heading for their first weekly fall in four, due to sluggish demand outlook and rising supplies.

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Three-month copper on the London Metal Exchange had slipped by 0.3% to $5,905 a tonne as of 0348 GMT, declining 1.5% for the week, as inventories in the London Metal Exchange (LME) warehouse system hovered around a one-year high. MCUSTX-TOTAL

This will be the metal contract’s first weekly fall since the week ended June 7.

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The most-traded copper contract on the Shanghai Futures Exchange (ShFE) fell 0.2% to 46,380 yuan ($6,746.18) a tonne. Inventories in warehouses tracked by ShFE have been declining in recent months but were up 23% so far this year. CU-STX-SGH

“We expect (near-term) copper to continue to trade in tight range while struggling with weak demand outlook. Rising inventory on ShFE and on LME reflects demand has yet to recover,” Argonaut Securities analyst Helen Lau said in a note.

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FUNDAMENTALS * CHINA LOANS: Chinese banks extended less in new yuan loans in June, according to a Reuters calculation based on official data, but regulators assured that credit needs of the broader economy were met.

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* GLENCORE: Congolese security forces evicted thousands of illegal miners from a copper and cobalt mine run by Glencore on Thursday, sparking angry protests outside the governor’s office and looting of shops, local activists said

* ZAMBIA: Zambia is planning a law to compel mining firms to give local suppliers a fair share of procurement, its mines minister said on Thursday, in the latest sign of the government taking an interventionist approach in its mining sector

* PRICES: London aluminium was flat, nickel fell 0.2% and zinc edged up 0.2%. In Shanghai, aluminium rose 0.4%, nickel fell 0.1% and zinc dropped 1.3%

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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

ARBS ($1 = 6.8750 Chinese yuan)

Reporting by Mai Nguyen; Editing by Rashmi Aich and Subhranshu Sahu