SINGAPORE, Jan 24 (Reuters) - London copper edged higher on Friday after the World Health Organization (WHO) said a new coronavirus outbreak in top metals consumer China is not yet a global emergency, but prices were set for their biggest weekly drop in 17 months. Benchmark three-month copper on the London Metal Exchange (LME) rose 0.4% to $6,010.50 a tonne by 0400 GMT, but was on track for its biggest weekly loss since August 2018. In the previous session, copper prices dropped 1.9%, their sharpest daily fall in nearly six months. The virus has killed 25 people in China and infected more than 800, while non-fatal cases have been found in at least seven other countries. The WHO on Thursday said it was not yet recommending any broader restrictions on travel or trade. China is locking down some cities to constrain the virus, feared to spread even faster as millions of Chinese travel during their Lunar New Year holiday. Trading volume was thin as top copper consumer China closed shops to celebrate the new year. The Shanghai Futures Exchange will be closed for a week from Friday. FUNDAMENTALS * ANGLO AMERICAN: Anglo American said a drought in Chile had weighed on its copper output in the fourth quarter of 2019, which fell 13% on-year. * FERRONICKEL: Global Special Opportunities Ltd, the world's second-biggest producer of ferronickel, aims to boost its output by expanding its operations and possible takeovers. * LEAD: The global lead market widened its surplus to 34,600 tonnes in November from a revised 1,500 tonnes in October. * OTHER PRICES: LME aluminium was almost unchanged at $1,794.50 a tonne, nickel declined 0.2% to $13,325 a tonne, lead fell 0.3% to $,1961.50 a tonne, while zinc rose 0.4% to $2,353 a tonne and tin advanced 0.5% to $17,115 a tonne. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares held their ground as trade slowed for the Lunar New Year, despite investor fears that a new coronavirus in China could spread faster as millions of people would be travelling over the week-long holiday. DATA/EVENTS (GMT) 0815 France Markit Mfg, Serv, Comp Flash PMIs Jan 0830 Germany Markit Mfg, Serv, Comp Flash PMIs Jan 0900 EU Markit Mfg, Serv, Comp Flash PMIs Jan 0930 UK Flash Composite PMI Jan 0930 UK Flash Manufacturing PMI Jan 0930 UK Flash Services PMI Jan 1445 US Markit Mfg, Serv, Comp Flash PMIs Jan 1030 IMF Managing Director Kristalina Georgieva, British Finance Minister Sajid Javid, Governor of the Bank of Japan Haruhiko Kuroda, German Finance Minister Olaf Scholz and U.S. Treasury Secretary Steven Mnuchin speak in Davos on the global economic outlook PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ARBS (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
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