SF: Copper Rises to 27-Month High in London, New York: LME Preview
Oct. 13 (Bloomberg) -- Copper climbed to 27-month highs in London and New York as demand prospects improved and as the dollar declined. Lead gained to the highest level in six months.
Market News:
-- China posted a $16.9 billion trade surplus for September, capping the largest quarterly excess since the financial crisis in 2008 as pressure mounts for a stronger yuan. {NSN LA7NUN0YHQ0X }
-- Asian stocks, emerging-market currencies and metals rose after the Federal Reserve signaled it will do more to protect the U.S. recovery, Intel Corp. forecast higher sales and Japan's machinery orders rose. {NSN LA7NSU07SXKX }
-- Oil rose in New York for the first time in three days as the dollar extended losses and amid speculation U.S. fuel supplies declined. {NSN LA7P071A74E9 }
-- Federal Reserve policy makers may want Americans to expect inflation to accelerate in the future so they spend more of their money now. {NSN LA7KBZ1A1I4H }
-- Japanese machinery orders unexpectedly advanced in August, a sign that a recovery in earnings may encourage companies to spend on plant and equipment even as the yen surges. {NSN LA7CD00D9L35 }
-- U.K. consumer confidence plummeted in September to an 18- month low as Britons braced themselves for the biggest spending cuts since World War II, Nationwide Building Society said. {NSN LA6T5W0D9L36 }
-- U.S. Treasury Secretary Timothy F. Geithner blamed China's policy of limiting gains in the yuan for contributing to a round of capital controls and currency-market interventions by emerging economies. {NSN LA7N9D0D9L35 }
-- Billionaire Warren Buffett, who last month called himself "a huge bull" on the U.S., said the euro faces "a real challenge" after the currency posted its biggest quarterly gain in eight years. {NSN LA7CVJ07SXKX }
Metals News:
-- Chilean rescue workers pulled three of 33 miners trapped underground for more than two months in a rescue operation watched by relatives on site and millions of people around the world on television. {NSN LA7RGD0UQVI9 }
-- China copper and product imports dropped for the first month in three to 368,410 metric tons in September, customs said today in a statement on its wesbite. {NSN LA7L676S972A }
-- Gold may extend its rally to $1,400 an ounce by the end of the year as investor demand will remain strong, according to GFMS Ltd. {NSN LA7KHE6S9728 }
-- Chile's Senate approved a government proposal to raise taxes for mining companies including BHP Billiton Ltd. and Freeport- McMoRan Copper & Gold Inc. {NSN LA7ABS0YHQ0Z }
-- Fresnillo Plc, the world's largest primary silver producer, said output rose to a record in the third quarter and the company is on track to achieve its full-year target. {NSN LA7SUR6JIJVP }
-- Mincor Resources NL, an Australian metal supplier to BHP Billiton Ltd., is looking to acquire nickel projects as it increases production. {NSN LA7OT61A1I4H }
-- JSW Steel Ltd., India's third-largest producer, is considering putting its overseas coal and iron ore assets into a unit for a share sale to fund expansion, two people familiar with the plans said. {NSN LA7JOL0D9L35 }
-- Petropavlovsk Plc's iron ore unit has delayed its stock exchange listing in Hong Kong by a week to Oct. 21, according to terms for IRC Ltd.'s initial public offering. {NSN LA7J8P0UQVI9 }
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Metal Prices:
-- Copper rose $25, or 0.3 percent, to $8,370 a metric ton on
the London Metal Exchange at 7:20 a.m. local time. Relative
Strength Index 70.8.
-- Aluminum fell 0.2 percent to $2,432 a ton. RSI 70.
-- Zinc rose 0.8 percent to $2,388 a ton. RSI 67.6.
-- Lead gained 0.5 percent to $2,388 a ton. RSI 65.
-- Nickel rose 1.3 percent to $24,350 a ton. RSI 62.1.
-- Tin declined 0.8 percent to $26,300 a ton. RSI 72.4.
Other markets: Last % Change % YTD
U.S. Dollar Index 77.167 -0.3 -0.9
Crude oil $82.19 0.7 3.6
Gold $1,355.95 0.4 23.6
MSCI World Index 1,210.10 0.2 3.6
Economic Events:
Forecast Prior Time
(London)
UK jobless claims change 4.5% 4.5% 9:30
Euro-zone industrial production (MoM) 0.8% 0.0% 10:00
U.S. MBA mortgate applications -- -0.2% 12:00
U.S. import price index (MoM) -0.2% 0.6% 13:30
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--Editors: Claudia Carpenter, Stuart Wallace
