(adds analyst comment, updates prices)
BEIJING, Feb 7 (Reuters) - London base metals on Wednesday recovered some of the ground lost in the previous session as global equities bounced back after days of sharp falls and investors focused on fundamentals.
Analysts said metal prices were holding up well given the recent share market volatility, with copper holding above the $7,000 a tonne mark that has only been breached on three trading days so far this year.
Losses "remained limited with positive fundamentals providing some support," ANZ wrote in a note. "The relatively positive PMIs in China over the past week were also fresh in the minds of investors," it added.
China's manufacturing sector sustained growth at multi-month highs in January, the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) showed on Feb. 1, while its services sector grew at its fastest pace in nearly six years. LME COPPER: Three-month copper on the LME CMCU3 was up 0.7 percent at $7,127.50 a tonne by 0441 GMT, recovering from a 1.3 percent drop in the previous session. SHFE COPPER: The most-traded March copper contract on the Shanghai Futures Exchange SCFcv1 was down 0.3 percent at 52,960 yuan ($8,468) a tonne by the mid-session interval.
* OTHER METALS: LME zinc CMZN3 , nickel CMNI3 and aluminium CMAL3 made gains of 1 percent to 1.5 percent, with only lead CMPB3 losing ground, trading down 0.5 percent.
* FREEPORT: Freeport-McMoRan Inc FCX.N reinstated its cash dividend on Tuesday, three years after suspending it, reflecting a stronger financial position, improved market conditions and a positive outlook for cash generation. ZIMBABWE: Zimbabwe has the potential to be a leading producer of lithium, which has so far attracted more interest than any other of its minerals, Zimbabwe's new Minister of Mines and Mining Development Winston Chitando said on Tuesday. MARUBENI: Japanese trading house Marubeni Corp 8002.T on Tuesday posted a 53 percent jump in April-December net profit and lifted its full-year forecast by 18 percent, boosted by higher copper and coal price. For the top stories in metals and other news, click
TOP/MTL or MET/L
MARKETS NEWS
* Asian share markets were trying to find their footing on Wednesday as a semblance of calm returned to Wall Street where major indices bounced into the black after days of deep losses. MKTS/GLOB
DATA AHEAD (GMT)
0700 Germany
Industrial output Dec
0745 France
Trade data Dec
0800 China
Forex reserves Jan
PRICES
0441 GMT Three month LME copper
CMCU3
7127.5 Most active ShFE copper
SCFcv1
52950 Three month LME aluminium
CMAL3
2195 Most active ShFE aluminium SAFcv1
14195 Three month LME zinc
CMZN3
3490 Most active ShFE zinc
SZNcv1
26565 Three month LME lead
CMPB3
2608.5 Most active ShFE lead
SPBcv1
19240 Three month LME nickel
CMNI3
13580 Most active ShFE nickel
SNIcv1
102460 Three month LME tin
CMSN3
21800 Most active ShFE tin
SSNcv1
151800
LME/SHFE COPPER
LMESHFCUc3
1131.8 LME/SHFE ALUMINIUM
LMESHFALc3
-1682.9 LME/SHFE ZINC
LMESHFZNc3
687.25 LME/SHFE LEAD
LMESHFPBc3
-415.85 LME/SHFE NICKEL
LMESHFNIc3
1980.35
($1 = 6.2540 Chinese yuan renminbi)
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