METALS-Shanghai copper to open firm; China data eyed

SHANGHAI, April 15 (Reuters) - Shanghai copper is expected
to open firmer, while London copper extended gains towards
$8,000 on Thursday, ahead of a slew of data from China.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange CMCU3
rose $25 to $7,975 by 0020 GMT on Thursday, extending gains
from the previous session.

* When Shanghai closed on Wednesday, LME copper stood at
$7,940.

* Sources said China's economy grew about 11.9 percent in
the first quarter, the fastest annual pace in nearly three
years. The official GDP figure, along with industrial
production and output data, is due to be released at 0200 GMT.
[ID:nTOE63D08S]

* Underpinning the bullish sentiment, sales at U.S.
retailers rose more than expected in March and firming demand
led businesses to build inventories to a seven-month high in
February, suggesting a broadening economic recovery.
[ID:nN14374789]

* LME copper inventories fell 975 tonnes on Wednesday to
509,650 tonnes, their lowest since early January.

* Copper prices are likely to hold steady around current
high levels although demand recovery could help further firm
prices, Aurubis (NAFG.DE), Europe's biggest copper smelter,
said on Wednesday.[ID:nLDE63D1K4]

MARKET NEWS

* U.S. stocks gained for a fifth straight day on Wednesday
as stronger-than-expected corporate results and March retail
sales pushed the S&P 500 .SPX past 1,200 for the first time
in 18 months. [.N]

* The dollar was on the defensive on Thursday while
commodity currencies like the Australian dollar held broad
gains on a pick up in risk appetite and growing speculation
that China may soon move to revalue its currency. [USD/]

DATA/EVENTS

The following data is expected on Thursday ECON:

- China output data, Q1 GDP (0200 GMT)

- Japan revised industrial output for Feb (0430 GMT)

- BOJ releases report on regional economies(0530 GMT)

- European central bank monthly bulletin (0800 GMT)

- US initial weekly jobless claims (1230 GMT)

- US industrial output (1315 GMT)

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PRICES
Base metals prices at 0020 GMT
Metal Last Change Pct Move End 2009 YTD pct
chg
LME Cu 7975.00 25.00 +0.31 7375.00
8.14
LME Alum 2464.00 3.00 +0.12 2230.00
10.49
LME Zinc 2455.00 -5.00 -0.20 2560.00
-4.10
LME Lead 2360.00 0.00 +0.00 2432.00
-2.96
Dollar/yuan 6.8253 \ 6.8263
** 1st contract month for COMEX copper
* 3rd contact month for SHFE aluminium, copper and zinc
^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE
third month
(Reporting by Rujun Shen and Jacqueline Wong; Editing by
Himani Sarkar)