METALS-Shanghai copper to open lower, tracking LME losses

Shanghai copper is expected to open lower on Monday, tracking losses in London copper in the previous session, following a deeper-than-expected cut in U.S. jobs in October.

FUNDAMENTALS

Three-month copper on the London Metal Exchange MCU3 fell $40 to $6,490 a tonne on Friday, but recovered to $6,495 in after-hours trading.

When Shanghai closed on Friday, LME copper stood at $6,600 a tonne.

The U.S. jobless rate unexpectedly jumped to 10.2 percent last month, a 26-1/2-year high, adding to pressure on the Obama administration to do more to tackle unemployment even as signsof recovery mount.

Closer inspection of the data showed payroll losses kept declining and job losses for earlier months were revised lower.

While demand for copper elsewhere remains sluggish, China's real consumption of refined copper in 2009 is expected to grow 10.2 percent versus a 7.5 percent rise last year, said a senior analyst at state-backed research group Antaike.

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