SYDNEY, May 25 (Reuters) - Copper was trading flat on Thursday, steadying a day after dropping on concerns that slowing economic growth in China could hit demand from the world’s top metals consumer.
Moody’s Investors Service downgraded China’s credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.
* LME COPPER: Three-month copper on the London Metal Exchange was up 0.14 percent at $5,690 a tonne by 0100 GMT, reversing losses from the previous session.
* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange gained 0.11 percent to 45,920 yuan ($6,666) a tonne.
* TECK RESOURCES: Canadian miner Teck Resources does not expect a material impact on production at its Highland Valley copper unit because of unusual spring weather earlier in May.
* UNPREDICTABLE GOLD: London’s gold benchmark experienced large, unpredictable fluctuations after some banks left the auction that sets the price relied upon by the $5 trillion-a-year bullion market, according to a Reuters analysis of trading data.
* BHP NICKEL: BHP Billiton is seeking environmental approval to dig two new mines to extend the life of its Nickel West unit in the state of Western Australia, which is facing a shortfall in ore supply.
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* Asian shares eked out modest gains on Thursday, while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings.
DATA AHEAD (GMT) 0830 Britain GDP 2nd release Q1 1230 U.S. Trade balance Apr 1230 U.S. Wholesale inventory Apr 1230 U.S. Weekly jobless claims
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 = 6.8883 Chinese yuan renminbi)
Reporting by James Regan; Editing by Joseph Radford