METALS-Shanghai copper to open lower, tracking LME losses

SHANGHAI, Nov 9 (Reuters) - Shanghai copper is expected to
open lower on Monday, tracking losses in London copper in the
previous session, following a deeper-than-expected cut in U.S.
jobs in October.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange MCU3
fell $40 to $6,490 a tonne on Friday, but recovered to $6,495
in after-hours trading.

* When Shanghai closed on Friday, LME copper stood at
$6,600 a tonne.

* The U.S. jobless rate unexpectedly jumped to 10.2 percent
last month, a 26-1/2-year high, adding to pressure on the Obama
administration to do more to tackle unemployment even as signs
of recovery mount. [ID:nN06178752]

* Closer inspection of the data showed payroll losses kept
declining and job losses for earlier months were revised lower.

* While demand for copper elsewhere remains sluggish,
China's real consumption of refined copper in 2009 is expected
to grow 10.2 percent versus a 7.5 percent rise last year, said
a senior analyst at state-backed research group Antaike.
[ID:nHKG237063]

MARKET NEWS

* U.S. stocks rose 3 percent last week after ending
Friday's session slightly higher, shrugging off the U.S.
jobless data. [.N]

* The dollar fell on Monday, hurt in part by a meeting of
the Group of 20 finance officials that failed to take any
concrete action to rebalance global flows or talk more
specifically about the dollar's recent decline. [USD/]

DATA/EVENTS

* The following data is expected on Monday:

- Euro zone Sentix index for Nov (0930 GMT)

- German industry output for Sept (1100 GMT)

- U.S. employment trend index for Oct (1500 GMT)

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(Reporting by Rujun Shen and Edmund Klamann; Editing by
Michael Urquhart)