METALS-Copper prices up on China retail data, Israel-Iran tensions weigh

By Hongmei Li

SINGAPORE, June 16 (Reuters) - Copper prices on the Shanghai Futures Exchange and the London Metal Exchange inched up on Monday, supported by better-than-expected Chinese retail data, although the escalating Israel-Iran conflict capped gains.

The SHFE most-traded copper contract SCFcv1 was up 0.2% at 78,550 yuan ($10,938.89) per metric ton as of 0703GMT, rebounding from a decline earlier in the session, while the LME three-month copper CMCU3 gained 0.3% to $9,676.5.

"Copper seems to have performed more strongly as investors, after initial hesitation, reacted with some optimism to China's mixed data," a Beijing-based metals analyst with a futures company said.

China's May economic data was mixed, as its retail sales data exceeded expectations, even as industrial output missed forecast. Ongoing weakness in the property sector also persisted during the month, with new home prices declining.

Meanwhile, escalations between Israel and Iran also showed no signs of cooling as the countries launched fresh attacks on each other over the weekend.

"Geopolitics has new uncertainty with the conflict, and this has raised concern over metals consumption," the metals analyst said.

The dollar firmed 0.25% on Monday, extending its gains with a further 0.2% rise in early Asian trading. =USD

A firmer dollar usually makes greenback-priced commodities more expensive for buyers using other currencies.

SHFE zinc SZNcv1 fell the most among metals by 0.5% to 21,840 yuan a ton, nickel SNIcv1 ticked 0.3% lower to 119,690 yuan, and aluminium SAFcv1 eased 0.1% to 20,405 yuan, while lead SPBcv1 gained 0.2% to 16,980 yuan, and tin SSNcv1 edged 0.1% higher to 264,500 yuan.

LME zinc CMZN3 gained 0.6% to $2,639 a ton, lead CMPB3 went up 0.2% to $1,994.5, nickel CMNI3 rose 0.2% to $15,155, while tin CMSN3 fell 0.2% to $32,615.

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DATA/EVENTS (GMT)

1100 EU Reserve Assets Total May

($1 = 7.1808 Chinese yuan)

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