SF: Copper Falls From 27-Month High on Demand Outlook: LME Preview
Oct. 26 (Bloomberg) -- Copper dropped from the highest level in more than 27 months, as high prices discouraged Chinese buying and as the dollar rebounded.
Market News:
-- The dollar traded near a 15-year low against the yen as a Federal Reserve official reiterated a second round of economic stimulus was required, spurring bets further bond purchases will debase the greenback. {NSN LAVTWH1A74E9 }
-- Asian stocks retreated, snapping two days of gains, as Japanese exporters slumped. {NSN LAVQ3H0UQVI9 }
-- UBS AG, Switzerland's biggest bank, reported its fourth consecutive quarterly profit and the first net new money inflows in wealth management since 2008. {NSN LAVSAZ07SXKX }
-- Japanese Prime Minister Naoto Kan's Cabinet approved a 5.1 trillion yen ($63 billion) stimulus package to fight deflation and combat the stronger yen. {NSN LAVD9D1A74F1 }
-- Home prices in 20 U.S. cities probably rose at a slower pace in August as sales plunged after a tax break expired, economists forecast before a report today. {NSN LAV4DC1A74E9 }
-- Britain's economic growth probably slowed in the three months through September to a third of the pace of the previous quarter, keeping pressure on policy makers to consider adding stimulus. {NSN LAURB90UQVI9 }
-- Oil declined in New York on speculation slowing fuel demand will result in higher inventories in the U.S., the world's largest crude consumer. {NSN LAVVM107SXKZ }
Metals News:
-- Copper premiums in China dropped by a third in the past week as the metal's rally to the costliest in more than 27 months discouraged purchases by end-users. {NSN LAVMBD1A1I4H }
-- ArcelorMittal, the world's biggest steelmaker, posted a 48 percent increase in third-quarter profit and forecast a decline in fourth-quarter earnings because of falling steel prices and rising costs. {NSN LAVUKH1A1I4H}
-- Osaka Titanium Technologies Co., the second-largest producer, plans to raise contract prices for the first time in three years because of higher costs and a recover in aviation demand, including in China. {NSN LAVQVF0YHQ0X }
-- Gold Fields Ltd. workers began a strike at the company's South Deep mine today, the National Union of Mineworkers said. {NSN LAVUQY6S972C}
