News: RIO METALS-London copper climbs as investors shift away from equities

SYDNEY, June 7 (Reuters) - London copper edged higher in early trading in Asia on Wednesday as some investors switched into commodities from equities.

With British elections, a European Central Bank policy meeting where policymakers may take a less dovish stance, and former FBI director James Comey's Senate testimony on all set for Thursday, investors are wary of taking big positions in stock markets.

"Political uncertainty continues to drive commodity markets, while a weaker U.S. dollar helps improve investor appetite," Australia & New Zealand Bank said in client note.

FUNDAMENTALS

• Three-month copper on the London Metal Exchange CMCU3 had risen 0.02 percent to $5,628.50 a tonne by 0100 GMT, reversing losses from the previous session.
• The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 slipped 0.04 percent to 451,20 yuan ($6,641) a tonne.
• ALUMINIUM: Qatar's isolation by top Arab nations has already hit aluminium exports from a plant part-owned by Norway's Norsk Hydro NHY.OL, which warned it would take time to restart them.
• RIO TINTO: Rio Tinto (RIO) and China Minmetals Corp signed an outline deal on collaboration in mineral exploration.
• DOLLAR STUCK: The dollar was near a six-week low against the safe-haven yen.
• LEAD: ShFE lead SPBcv1 was the biggest loser in China metals futures, down more than 1 percent at the open. LME lead prices CMPB3 were slightly firmer at $2,077 a tonne, reversing an overnight loss.
• For the top stories in metals and other news, click [TOP/MTL] or [MET/L]

  MARKETS NEWS

• Gold and sovereign debt are set to build on solid overnight gains, while Asian stocks are likely to slip on Wednesday as investors reduce risk before the major political and economic events later this week.[MKTS/GLOB]

  DATA AHEAD (GMT)

• China Forex reserves May 0600 Germany Industrial orders Apr 0900 Euro zone Revised GDP Q1 1900 U.S. Consumer credit Apr *No exact timing.

  PRICES Three month LME copper CMCU3 Most active ShFE copper SCFcv1 Three month LME aluminium CMAL3 Most active ShFE aluminium SAFcv1 Three month LME zinc CMZN3 Most active ShFE zinc SZNcv1 Three month LME lead CMPB3 Most active ShFE lead SPBcv1 Three month LME nickel CMNI3 Most active ShFE nickel SNIcv1 Three month LME tin CMSN3 Most active ShFE tin SSNcv1

  ARBS LMESHFCUc3 LMESHFALc3 LMESHFZNc3 LMESHFPBc3 LMESHFNIc3

($1 = 6.7945 Chinese yuan renminbi)

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