* China steps to cool property market may dampen copper
* German industrial orders rise higher than expected in Aug
(Adds detail, updates prices)
By Melanie Burton
MELBOURNE, Oct 6 London copper slipped on
Thursday in very low volumes as a stronger dollar weighed on
commodities and a week-long holiday in China drained the market
Trade was expected to stay subdued until mainland China
markets reopen on Monday. In the meantime, prices have been
buffeted by a resurgent dollar, while China's steps to cool its
overheated property market may also temper a nascent copper
revival, said Argonaut Securities in a report.
"In China, cooling measures on the property markets may
dampen demand for white goods and construction (which) account
for 15 percent and 10 percent of China's total copper demand,"
China's southern megacities of Guangzhou and Shenzhen are
the latest centres to impose new measures to cool their
overheated real estate markets, including higher mortgage
downpayments and home purchase restrictions.
Three-month copper on the London Metal Exchange had
edged down 0.4 percent to $4,781.50 a tonne by 0703 GMT, having
closed the previous session little changed. Prices have found a
floor around the $4,720-$4,750 in place since mid-September.
Volumes across base metals were very low at around 3000 lots
of turnover. LME zinc and aluminium were more
heavily traded than copper, trading flat and down 0.5 percent.
Chinese markets are closed this week for the National Day
In news, strong demand from euro zone countries and domestic
customers drove a bigger-than-expected rise in German industrial
orders in August, suggesting factories will contribute to growth
in Europe's economic powerhouse in coming months.
From the U.S., evidence that the so-called natural rate of
interest has fallen to low levels could mean the economy is
stuck in a low-growth rut that could prove hard to escape,
Federal Reserve Vice Chair Stanley Fischer said on Wednesday.
In metals news, Chile's Collahuasi mine, one of the largest
copper deposits in the world, told Reuters on Wednesday it had
launched a large power tender and a source said it had a
particular interest in non-conventional renewable energy.
A U.S. federal judge on Wednesday dismissed nationwide
litigation by aluminum purchasers who accused banks and
commodity companies of conspiring to drive up the metal's prices
by reducing supply, forcing them to overpay.
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
(Reporting by Melanie Burton; Editing Richard Pullin and