LME copper eases from 1-week top, aluminium up for 2nd day

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London copper prices edged lower on Tuesday, dropping from last session's one-week high and snapping two days of gains which were triggered by expectations of strong demand in top consumer China.

Aluminium rose for a second session as the market was underpinned by lower global production.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange eased 0.1 percent to $6,236.50 a tonne by 0141 GMT after climbing on Monday to its highest since Oct. 15 at $6,331.50 a tonne. The most-traded copper contract on the Shanghai Futures Exchange was unchanged at 50,370 yuan ($7,256) a tonne.

* Copper prices rose in the last two sessions after authorities in China said they would take measures aimed at bolstering growth and liquidity.

* China's central bank governor said last week it would roll out targeted measures to help ease company financing problems and encourage commercial banks to boost lending to private firms.

* China's tax cuts next year could exceed the equivalent of 1 percent of gross domestic product, a central bank adviser said, in a sign policymakers might be considering another round of tax reductions.

* China's economic growth cooled to its weakest quarterly pace since the global financial crisis, with regulators moving quickly to calm nervous investors as a years-long campaign to tackle debt risks and the trade war with the United States began to bite.

* The global world refined copper market showed a 47,000 tonnes deficit in July, compared with a 38,000 tonnes deficit in June, the International Copper Study Group (ICSG) said in its latest monthly bulletin.

* For the first 7 months of the year, the market was in a 157,000 tonnes deficit compared with a 188,000 tonnes deficit in the same period a year earlier, the ICSG said.

* Global primary aluminium output fell to 5.301 million tonnes in September from a revised 5.485 million tonnes in August, data from the International Aluminium Institute showed on Monday.

* Aluminium rose 0.2 percent to $2,010 a tonne.

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MARKETS NEWS

* Asian shares edged lower on Tuesday as earnings season nerves in the U.S. dented Wall Street, while a cocktail of negative factors from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks depressed sentiment.

DATA/EVENTS 0600 Germany Producer prices Sep 1400 Euro zone Consumer confidence Oct 1400 U.S. Richmond Fed composite index Oct

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

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Three month LME zinc

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Three month LME lead

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Three month LME nickel

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