METALS-Shanghai copper seen limit up, chasing LME gains

SINGAPORE, Aug 24 (Reuters) - Shanghai copper was seenopening at its 5 percent upside limit on Monday, chasing sharpgains in London in the previous session when comments by Fedchairman Ben Bernanke fanned optimism for an economic recovery. FUNDAMENTALS * Copper for three-month delivery on the London MetalExchange MCU3 jumped 1.5 percent to $6,363 a tonne early onMonday, having closed up 3.7 percent on Friday. * Copper touched a fresh one-week high of $6,385 at thestart of Monday's session. When Shanghai closed on Friday LMEcopper was $6,000. * Federal Reserve chairman Ben Bernanke gave his clearestsignal yet that a recovery is at hand and the biggest rise insales of previously owned U.S. homes in July in nearly twoyears adding to the bullish feeling. [ID:nN2139655] [ID:nN21391628] * China's imports of refined copper fell to 292,226 tonnesin July from June's record 378,943 tonnes, ending five monthsof record inflows, data from the General Administration ofCustoms showed on Monday. * Copper stocks in warehouses monitored by the ShanghaiFutures Exchange CU-STX-SGH rose by 5,543 tonnes, or 7percent, last week, to a two-year peak of 81,650 tonnes, andthe market expects that trend to continue. [ID:nSHA259055] * London stocks were more or less unchanged at 293,125tonnes over the week. * Aluminium MAL3 rose $14 to $1,944, while nickel MNI3,which came a little late to the party on Friday, laggingcopper's rise with a gain of 2.3 percent, surged $700 or 3.6percent to $20,000. MARKET NEWS * World stock markets climbed to 10-month highs and oiltopped $74 per barrel on Friday, supported by the home salesnumbers and Bernanke's upbeat economic outlook. * On Monday, the Nikkei .N225 rose 2.7 percent afterBernanke told a Fed conference in Jackson Hole, Wyoming, that"prospects for a return to growth in the near term appeargood." [ID:nN2139655] * Safer-heaven assets declined. The 30-year U.S. Treasurybond US30YT=RR sold off more than two points for a yield of4.3776 percent, while the euro was steady on Monday after a 0.6percent gain against the dollar on Friday EUR=. DATA EVENTS * The following data is expected on Monday: ECON - Euro zone industrial orders (0900 GMT) - Chicago Fed National Activity Index for July (1230 GMT) - Chicago Fed July Midwest Manufacturing Index (1600 GMT) RELATED NEWS > METALS-Copper hits 1-week high on strong UShousing[nLL391996] > Speculators build short energypositions-CFTC [nN2183765] > China to add 100K T coppercapacity next month [nHKG231388] > Shanghai copper stocks up7 pct, seen rising [nSHA259055] > New projects to boostPeru copper output [nN21377830] > BUY ORSELL-Ivanhoe:More upside,or poised to tumble[nN2116538] > Norway to back industry power deals with $3.3 bln [nLL412709] > Vale may restart Ontario operation during strike [nN2176342] > METALS INSIDER:Aluminium can take Russia dam hit,b[nLL441017] PRICES 81 Base metals prices at 0038 GMT Metal Last Change Pct Move End 2008 Pct chg 09 LME Cu 6363.00 93.00 +1.48 3060.00 107.94 LME Alum 1944.00 14.00 +0.73 1535.00 26.64 LME Zinc 1858.00 24.00 +1.31 1208.00 53.81 LME Nickel 20000.00 700.00 +3.63 11700.00 70.94 LME Lead 1870.00 7.00 +0.38 999.00 87.19 (Reporting by Nick Trevethan; Editing by Clarence Fernandez)