(Recasts to show copper down, updates prices)
By James Regan
SYDNEY, June 7 (Reuters) - London copper traded lower on Wednesday as investors turned positive on equities after an initial flight to commodities ahead of key events unfolding this week.
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 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.
* LME COPPER DOWN: Three-month copper on the London Metal Exchange slipped 0.04 percent to $5,597 a tonne by 0700 GMT.
* ShFE COPPER FOLLOWS: The most-traded copper contract on the Shanghai Futures Exchange slipped 0.6 percent to 44,880 yuan ($6,607) 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, closing 0.66 percent down. LME lead prices were slightly firmer at $2,075 a tonne, reversing overnight loss.
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 = 6.7929 Chinese yuan)
Reporting by James Regan; Editing by Joseph Radford and Subhranshu Sahu