KUALA LUMPUR: Shanghai copper was steady on Tuesday, after dropping more than 1 percent in the previous session in its biggest one-day decline in a week, while investors kept an eye on US data for clues on the health of the world's largest economy.
FUNDAMENTALS
The most-traded March copper contract on the Shanghai Futures Exchange gained 0.14 percent to 55,280 yuan ($8,700) a tonne by 0136 GMT. Prices have tumbled 23 percent so far this year, after gaining in the last two years.
The London Metal Exchange was closed on Tuesday in lieu of Christmas day.
Workers at Freeport McMoran Copper & Gold Inc's mine in Indonesia may delay returning to work, despite a deal to end a three-month strike, in the absence of a decision on the removal of about 100 workers at a local unit, a union official said on Monday.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.4 percent on Dec. 23 from a week earlier, the exchange said on Friday.
MARKETS NEWS
New orders for US durable goods soared in November and new home sales hit a seven-month high, although consumer spending was tepid and a gauge of business investment fell for a second straight month, data on Friday showed.
Investors will be looking for more positive signs from data this week, including the S&P Case-Shiller house price index for October and consumer confidence for December.
Asian shares were steady on Tuesday in thin volume as investors took to the sidelines before US markets reopen later in the day from a long weekend and data which could offer clues over growth prospects in the world's largest economy.
The euro was steady around $1.3050, staying well above its 11-month trough of $1.2945 hit earlier this month.
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