Aug 5 (Reuters) - Shanghai copper prices fell on Thursday, as surging cases of COVID-19 across the globe threatened a sustainable economic recovery and demand for industrial metals.
The most-traded September copper contract on the Shanghai Futures Exchange fell 0.5% to 69,610 yuan a tonne by 0403 GMT. Three-month copper on the London Metal Exchange edged up 0.4% to $9,505.50 a tonne, rebounding slightly after two straight sessions of losses.
A resurgence in infections due to a highly transmissible Delta variant in some major economies — including top metals consumer China and the world's largest economy United States — sparked fears of weaker demand for metals.
Meanwhile, a firm dollar, pushed higher by hawkish comments from the U.S. Federal Reserve, led markets to bring forward the likely timing of a policy tightening there, making greenback-priced metals more expensive to holders of other currencies.
FUNDAMENTALS
* LME aluminium rose 0.5% to $2,579.50 a tonne, zinc advanced 0.3% to $2,981 a tonne and ShFE zinc increased 0.4% to 22,140 yuan a tonne.
* ShFE nickel dropped 0.6% to 142,310 yuan a tonne and ShFE lead shed 0.9% to 15,760 yuan a tonne.
* China's spot copper premium
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MARKETS NEWS
* Asian shares held on to recent gains in morning trading, despite hawkish remarks from a senior official at the U.S. Federal Reserve, that boosted the dollar while weighing on risk appetite, and uncertainty about Chinese policy.
DATA/EVENTS (GMT)
0600 Germany Industrial Orders MM June
1100 UK BOE Bank Rate Aug
1100 UK GB BOE QE Corp Aug
1230 US International Trade June
1230 US Initial Jobless Clm Weekly (Reporting by Mai Nguyen in Hanoi; editing by Uttaresh.V)
