METALS-Copper heads for monthly decline as China stimulus disappoints

Oct 31 (Reuters) - Copper prices were set on Thursday for a monthly fall, weighed down by disappointment over the slew of stimulus measures announced so far by top consumer China. Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.3% to $9,565 per metric ton by 0336 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 eased 0.1% to 76,560 yuan ($10,752.51) a ton. On a monthly basis, LME copper was down 2.8% and SHFE copper was 2.9% lower. In late September, metals prices surged after China unveiled a series of economic support programmes and following an interest rate cut in the United States. However, the scale of the stimulus measures and lack of details have disappointed market participants. And, the uncertainty surrounding the U.S. presidential election has kept some traders and investors on the sidelines. China's top legislative body will meet from Nov. 4-8, where market participants hope Beijing will announce more measures for its economy. Metals prices on Thursday were supported by data showing manufacturing activity in China expanded for the first time in six months October, indicating that latest stimulus measures are helping the battered economy turn a corner. "It's good news for sure, but (prices) are being over-shadowed by government policy," said a trader. LME aluminium CMAL3 rose 0.2% to $2,620.50, zinc CMZN3 edged up 0.1% at $3,090, tin CMSN3 climbed 1% to $31,250, while lead CMPB3 eased 0.1% to $2,002 and nickel CMNI3 was almost unchanged at $15,810. SHFE aluminium SAFcv1 fell 0.5% to 20,720 yuan a ton, nickel SNIcv1 declined 0.7% to 123,500 yuan, zinc SZNcv1 edged down 0.3% to 25,005 yuan, tin SSNcv1 fell 0.1% to 255,200 yuan, while lead SPBcv1 rose 0.2% to 16,665 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.1202 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu) (([email protected]; Reuters Messaging: [email protected])) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))