METALS-Shanghai copper hits over one-week low after Fed's rate cut

BEIJING, Sept 18 (Reuters) - Shanghai copper futures hit a more than one-week low on Thursday, falling for a third straight session, following a 25-basis-point interest rate cut by the U.S. Federal Reserve and higher supply from top consumer China.

The U.S. central bank cut the benchmark interest rate by a quarter of a percentage point on Wednesday, in line with market expectations.

The Fed also indicated more cuts would follow at meetings in October and December.

Traders closed some long positions to cash in profits on bets of the rate cut and the wave of profit-taking continued after the rate reduction, weighing on prices of the red metal used in power and construction.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 slipped below the key psychological level of 80,000 yuan ($11,252.23) per metric ton, down 1.05% to 79,870 yuan a ton, as of 0238 GMT.

The contract hit its lowest since September 10 at 79,690 yuan earlier in the session.

Benchmark three-month copper CMCU3 on the London Metal Exchange was down 0.25% at $9,971.5 a ton after touching its one-week low at $9,925 on Wednesday.

Also, higher metals output in China also weighed on sentiment, ANZ analysts said in a note.

China's refined copper output in August jumped 15% year-on-year to near a record high level, official data showed.

SHFE aluminium SAFcv1 slid 1.05%, nickel SNIcv1 dipped 0.29%,tin SSNcv1 fell 1.04%, and zinc SZNcv1 shed 1.1% while lead SPBcv1 added 0.26%.

Among other LME metals, aluminium CMAL3 lost 0.24%, nickel CMNI3 languished 0.39%, lead CMPB3 shed 0.35%, tin CMSN3 slid 0.15%, and zinc CMZN3 fell 0.66%.

($1 = 7.1097 Chinese yuan)