SYDNEY, June 7 (Reuters) - London copper edged higher in early trading in Asia on Wednesday as some investors switched into commodities from equities.
With British elections, a European Central Bank policy meeting where policymakers may take a less dovish stance, and former FBI director James Comey’s Senate testimony on all set for Thursday, investors are wary of taking big positions in stock markets.
“Political uncertainty continues to drive commodity markets, while a weaker U.S. dollar helps improve investor appetite,” Australia & New Zealand Bank said in client note.
* Three-month copper on the London Metal Exchange had risen 0.02 percent to $5,628.50 a tonne by 0100 GMT, reversing losses from the previous session.
* The most-traded copper contract on the Shanghai Futures Exchange slipped 0.04 percent to 451,20 yuan ($6,641) a tonne.
* ALUMINIUM: Qatar’s isolation by top Arab nations has already hit aluminium exports from a plant part-owned by Norway’s Norsk Hydro, which warned it would take time to restart them.
* RIO TINTO: Rio Tinto and China Minmetals Corp signed an outline deal on collaboration in mineral exploration.
* DOLLAR STUCK: The dollar was near a six-week low against the safe-haven yen.
* LEAD: ShFE lead was the biggest loser in China metals futures, down more than 1 percent at the open. LME lead prices were slightly firmer at $2,077 a tonne, reversing an overnight loss.
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* Gold and sovereign debt are set to build on solid overnight gains, while Asian stocks are likely to slip on Wednesday as investors reduce risk before the major political and economic events later this week.
DATA AHEAD (GMT) * China Forex reserves May 0600 Germany Industrial orders Apr 0900 Euro zone Revised GDP Q1 1900 U.S. Consumer credit Apr
*No exact timing.
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 = 6.7945 Chinese yuan renminbi)
Reporting by James Regan; Editing by Joseph Radford