SYDNEY May 12 Copper was flat in Asia on Friday
as equities headed for a strong end to the week and the
short-covering that pulled the contract higher overnight failed
"We're not seeing any shortcovering this morning," a
commodities trader in Perth said on condition of anonymity as he
was not authorised to speak with media. "If that was the case
(in London), it hasn't turned up here."
Weakened outlooks for copper demand in China, which consumes
nearly half the world's requirements, amid soft data on imports
and demand growth, weighed on sentiment, the trader said.
The negative sentiment was somewhat countered by
expectations that People's Bank of China will release funding to
ease credit on Friday, which could spur industrial and
* Three-month copper on the London Metal Exchange
was steady at $5,544 a tonne at 0146 after settling a modest 0.8
percent up overnight.
* The most-traded copper contract on the Shanghai Futures
Exchange started a touch lower then inched up 0.1
percent to 44,980 yuan ($6,518.56) a tonne.
* CHINA PMI: Surveys of manufacturers showed activity slowed
in April, while trade data showed import growth slowing and
export growth halving.
* Noble Group Ltd reported a quarterly loss that
pummelled its shares by a record 33 percent, stoking worries the
Singapore-listed commodity trader was failing to recover from a
crisis-wracked two years despite a deep
* The head of Hong Kong Exchanges and Clearing (HKEx)
said the bourse's upcoming commodity platform in
mainland China would support futures trading at other Chinese
* It may be going from bad to worse for the nickel price,
with conciliatory comments from the new mining minister in top
ore producer the Philippines adding to the risks of the market
being pushed into oversupply.
* For the top stories in metals and other news, click
* Asian shares inched up Friday, hobbled by a downbeat day
on Wall Street but still on track for weekly rises, while oil
prices extended gains on hopes for output cuts.
DATA AHEAD (GMT)
0600 Germany GDP flash Q1
0900 Euro zone Industrial production Mar
1230 U.S. Consumer prices Apr
1230 U.S. Retail sales Apr
1400 U.S. Business inventories Mar
1400 U.S. Univ of Michigan sentiment index May
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
($1 = 6.9023 Chinese yuan renminbi)
(Reporting by James Regan; Editing by Sonali Paul)