METALS-Copper supported by supply shortages, but demand caps gains

(Recasts, updates prices) BEIJING, June 19 (Reuters) - Copper prices steadied on Wednesday, with supports from ore supply shortages and a soft U.S. dollar, while demand concerns in top consumer China capped upside. Three-month copper on the London Metal Exchange CMCU3 climbed 0.5% to $9,720 per metric ton by 0458 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange SCFcv1 was 0.3% higher at 78,780 yuan ($10,857.37) a ton. Anglo American's AAL.L said on Tuesday copper output at its Los Bronces mine in Chile is expected to fall nearly a third from average historical levels next year as the miner pauses a processing plant for maintenance. Shortages of mined copper have been a reason for a price rally this year. The record high prices have dampened copper consumption in China. And, this week's disappointing economic data has added to the demand concerns. A fall in China's spot demand triggered rare large-scale exports, pushing LME stockpiles higher, ANZ analysts said in a note. Copper stocks in LME warehouses rose to the highest since January on Monday. MCUSTX-TOTAL Major copper smelters planned to export up to 80,000 tons of copper in June. However, the actual volume could fall below expectations given the recently lowered export profits, according to the Shanghai Metals Market. The dollar steadied on Wednesday, nursing losses after soft U.S. retail sales data reinforced bets of imminent Federal Reserve rate cuts. A softer dollar makes it cheaper to buy the greenback-priced commodity. LME aluminium CMAL3 climbed 0.3% to $2,493.50 a ton, zinc CMZN3 advanced 1.1% to $2,868 and lead CMPB3 rose 2.1% to $2,237.50, tin CMSN3 nudged 0.1% higher to $32,165, while nickel CMNI3 lost 0.3% to $17,245 a ton. SHFE aluminium SAFcv1 increased 0.6% to 20,515 yuan a ton, zinc SZNcv1 gained 1.4% to 23,790 yuan, and tin SSNcv1 little moved at 267,180 yuan, lead SPBcv1 was up 2.9% at 19,445 yuan, nickel SNIcv1 declined 1.3% to 133,920 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.2559 Chinese yuan renminbi) (Reporting by Siyi Liu and Colleen Howe; Editing by Subhranshu Sahu and Janane Venkatraman) (([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 ))