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METALS-Shanghai copper to open steady as dollar slips

Monday, Dec 21, 2009
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open steady in thin trade on Monday, supported by a fall in thedollar following last week's gains, the greenback's strongestweekly gain against the euro since April. FUNDAMENTALS * Three-month copper on the London Metal Exchange MCU3was untraded at the close on Friday. The last bid was at$6,845. LME copper pushed higher to $6,898 in after-hourstrading. * When Shanghai closed on Friday, LME copper stood at$6,910 a tonne. * LME aluminium stocks hit a record high above 4.6 milliontonnes on Friday, but as financing deals that have tied up 70percent of the stocks are likely to be renewed, consumersbetting on lower aluminium prices next year could bedisappointed. [ID:nGEE5BA277] MARKET NEWS * The dollar index .DXY edged down 0.07 percent against abasket of currencies on Monday. [USD/] * U.S. stocks rose on Friday in choppy trade as quarterlyresults from Oracle and Research In Motion lifted the Nasdaqmore than 1 percent, but the U.S. dollar's climb curbed gainsin both the Dow and the S&P 500. [.N] DATA/EVENTS * The following data is expected on Monday: - Chicago Fed National Activity Index for Nov (1230 GMT) RELATED NEWS > Copper gains late ground despite firmer dlr [ID:nLDE5BH0KF] > Saudi Maaden, Alcoa in $10.8 bln aluminium deal [ID:nLDE5BJ0A6] > RUSAL plans 2010 IPO in spite of retail ban [ID:nTOE5B60DM] > Aluminium consumers face price disappointment [ID:nGEE5BA277] > METALS INSIDER-Raw materials crunch -- fact or fiction? [ID:nLDE5BH19N] (Reporting by Rujun Shen and Edmund Klamann; Editing by HimaniSarkar)

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