SINGAPORE, Oct 3: London copper futures dropped for a second session out of three on Thursday, with commodity prices under pressure as a partial shutdown of U.S. government operations dragged on.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange had eased 0.2 percent to $7,267.25 a tonne by 0045 GMT. The metal touched a one-week low of $7,142 on Wednesday before recovering to settle 1.1 percent higher.
* Chinese markets are closed for a third day for the National Day holiday, cutting liquidity in Asia. They will reopen on Tuesday.
* President Barack Obama met with Republican and Democratic leaders in Congress to try to break a deadlock that has shut down parts of the federal government, but there was no breakthrough.
* U.S. Private employers added 166,000 jobs in September, lower than the expected gain of 180,000, according to payroll processor ADP. The data barely influenced markets on Wednesday but it may well be the only September U.S. Jobs data investors will see this week if government operations don’t resume in time for the Bureau of Labor Statistics to release Friday’s nonfarm payrolls report.
* The European Central Bank left its key interest rate at a record low but said it is watching moves in market interest rates closely and is ready to use any policy option to temper them if needed.
* Freeport-McMoRan Copper & Gold Inc reached a tentative agreement with Indonesian union workers over wages and pensions, raising hopes that a strike will be averted with just two days left of talks.
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MARKETS NEWS
* The dollar hovered at eight-month lows against a basket of major currencies, while Asian equities steadied as the U.S. Government shutdown continued.
DATA/EVENTS (GMT)
0758 Euro zone Services PMI final
0900 Euro zone Retail sales
1230 U.S. Weekly jobless claims
1400 U.S. ISM Non-manufacturing index
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
Three month LME tin
(agencies)
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