May 8, 2017 / 2:05 AM / 3 months ago

METALS-Copper drops as China data looms, inventories rise

SYDNEY, May 8 (Reuters) - Copper retreated in early Asian trade, with high inventories weighing on prices in both London and Shanghai markets ahead of key Chinese trade data on Monday.

The looming flurry of Chinese data, due around 0200 GMT, is expected to show the world's second-largest economy maintained solid momentum in April after a surprisingly robust first quarter. But industrial output is expected to rise 7.1 percent in April, slowing from 7.6 percent in March.

FUNDAMENTALS

* LONDON COPPER: Three-month copper on the London Metal Exchange had dropped 1 percent to $5,520 a tonne by 0139 GMT.

* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange fell 0.20 percent to 44,920 yuan ($6,510) a tonne.

* LME STOCKS: Inventories in London Metal Exchange (LME) warehouses climbed by 36,800 tonnes, exchange data showed on Friday, bringing last week's surge to 40 percent.

* COPPER STRIKE: Peruvian miners voted on Friday to approve a national strike in June to protest "anti-labour" government proposals, Ricardo Juarez, secretary general of the National Federation of Miners, Metallurgists and Steelworkers, told Reuters.

* OIL: Oil traders have finally given up on an early rebalancing of the crude market, with flat prices and calendar spreads plunging to the lowest level since OPEC’s agreement was announced.

* TRADING PLATFORM: Exchange operator Hong Kong Exchanges and Clearing is set to unveil its Qianhai commodity trading platform this week in a landmark move that it hopes will firmly establish its presence in mainland China.

* For the top stories in metals and other news, click or

MARKETS NEWS

* The euro firmed and U.S. stock futures hit a record high on Monday after centrist Emmanuel Macron comfortably won the French presidential election.

DATA/EVENTS *China Trade data Apr 0600 Germany Industrial orders Mar 0800 Euro zone Sentix index May 1400 U.S. Employment trends Apr * No exact timing

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 = 6.9000 Chinese yuan renminbi)

Reporting by James Regan; Editing by Joseph Radford

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