BS: Copper Climbs for a Third Day on Lower Inventories
By Claudia Carpenter
July 6 (Bloomberg) -- Copper gained for a third day in London as demand for the industrial metal reduced inventories to a seven-month low.
Market News:
-- China’s property market is beginning a “collapse” that will hit the nation’s banking system, said Kenneth Rogoff, the Harvard University professor and former chief economist of the International Monetary Fund. {NSN L545RU0D9L35 }
-- Industrial countries are embarking on the most aggressive tightening of fiscal policy in more than four decades, led by the U.S. and Britain, as governments gamble they can pare debt without strangling an economic recovery. {NSN L53OJK0UQVI9 }
-- Asian stocks rebounded, with the regional benchmark rising from the lowest level in almost a month, led by Australian banks and Taiwan technology companies. Treasuries gained. {NSN L54EF307SXKX }
-- Australia’s central bank paused in raising borrowing costs for a second month, and dropped a reference to the level of its benchmark being appropriate for the “near term,” citing concern about the global outlook. {NSN L54EZN0YHQ0X }
-- The yen was near a seven-month high against the dollar on speculation a slowing global economy will deter central banks from withdrawing stimulus. {NSN L54EO80D9L35 }
-- Crude oil dropped for a sixth day in New York on concern that the pace of economic recovery is slowing in Europe and China, stalling a rebound in fuel demand. {NSN L54ARR0UQVI9 }
Metals News:
-- The world’s biggest copper producers are warning of looming supply limits at the same time that growing concerns about the global economy leave investors with the largest losses in nine years. {NSN L54E5Z0D9L35 }
-- Commodity prices are tracking swings in equities more closely than at any time on record, undermining the traditional role of investments in raw materials as a hedge against financial-market volatility, Commerzbank AG said. {NSN L540SA1A1I4H }
-- Xstrata Plc, the biggest exporter of power-station coal, resumed work on a A$6 billion ($5 billion) mine and Rio Tinto Group revived a study for an iron ore expansion after Australia reduced a planned resource profits tax. {NSN L54AGH1A1I4H }
Metal Prices:
--Editors: John Deane, Alastair Reed.
To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net.
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.
