(Recasts to show copper lower)
By James Regan
SYDNEY May 5 Copper prices dropped on Friday,
compounding hefty overnight losses amid concerns about rising
inventories and weakening consumption.
* COPPER: Three-month copper on the London Metal Exchange
was down by $4 at $5,546 a tonne, as of 0728 GMT. In the
previous session, copper hit a five-month low.
* SHANGHAI: The most-traded copper contract on the Shanghai
Futures Exchange ended down 1.25 percent to 44,980 yuan
($6,522) a tonne.
* LME STOCKS: Inventories in London Metal Exchange (LME)
warehouses rose nearly 33,000 tonnes on Wednesday, exchange data
showed, bringing this week's increase to 64,000 tonnes, or 25
* NEGATIVE DATA: The impact of swelling stockpiles of the
metal was compounded by data this week showing U.S. factory
activity slowed in April while growth in China's manufacturing
sector slowed more than expected.
* PHILIPPINES: The Philippine government will move forward
with a second review of the country's mines despite the removal
of Regina Lopez as environment minister, a finance official said
NICKEL: ShFE nickel dropped 3.3 percent to its
lowest price in almost a year. LME nickel slipped 0.83
percent to $8,940 a tonne.
* FREEPORT TALKS: Indonesian authorities on Thursday kicked
off negotiations with Freeport McMoran Inc. over a
contract dispute that has prompted the U.S. mining giant to
scale down operations in the eastern province of Papua.
* GLENCORE FORECAST: Mining and commodities trading group
Glencore has raised its operating profit forecast for
the trading division this year by $100 million and said its
mining operations were expected to recover from some
weather-related disruption at the start of the year.
* SHANGHAI ALUMINIUM: ShFE aluminium closed 0.47
percent lower, while LME aluminium was flat at $1,913 a
* MARKETS NEWS: Asian stocks declined for a third
consecutive day on Friday as fresh falls in commodities raised
concerns about the health of the global economy, though the euro
bucked the broad weakness on receding concerns about France's
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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
($1 = 6.8971 Chinese yuan)
(Reporting by James Regan; Editing by Richard Pullin and Sherry