METALS-Copper steady with support from weaker dollar, bets on China stimulus

(Updates prices as of 1702 GMT) By Polina Devitt LONDON, Nov 27 (Reuters) - Copper prices were steady on Wednesday with support from a weaker dollar and revived bets that top metals consumer China would launch more stimulus to counter risks of U.S. tariffs and to support its economy. Three-month copper on the London Metal Exchange (LME) CMCU3 was unchanged at $8,997 per metric ton by 1702 GMT. The metal, used in power and construction, has been trading in a tight range for two weeks as the market awaits details of possible U.S. tariffs and possible reaction from China. U.S. President-elect Donald Trump on Monday released details of his planned tariffs on China, Canada and Mexico, in which he pledged to add "an additional 10% tariff" on all Chinese imports. "The prospect of a trade war has raised expectations for Beijing to unleash more aggressive stimulus measures," said Ewa Manthey, a commodities analyst at ING. "Any sustained pick-up in metals prices will depend on the strength and the speed of the rollout of the stimulus measures." China's industrial profits fell in October but less sharply than the previous month as deflation pressures dragged while demand remained soft in its $19 trillion economy. Meanwhile, LME aluminium CMAL3 fell 0.7% to $2,595 a ton due to improvement on the supply side after miner Rio Tinto lifted force majeure for alumina exports from its Australian refineries. Tin CMSN3 lost 3.0% to $27,945 after hitting $27,765, its lowest since April 3, under pressure from investment funds reducing their net long speculative positions. Tin is heading for a second monthly fall, and this decline has helped to revive demand, one metals trader said. Zinc CMZN3 rose 2.0% to $3,136 after hitting $3,149, a four-week high, as available stocks in LME-registered warehouses slumped to a one-year low after cancellations. Lead CMPB3 was up 1.7% at $2,056 while nickel CMNI3 fell 0.6% to $15,880. (Reporting by Polina Devitt in London; additional reporing by Mai Nguyen in Hanoi; editing by Jason Neely and Elaine Hardcastle) (([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 ))