BS: Copper Declines on Speculation of Slowing Demand: LME Preview
Oct. 29 (Bloomberg) -- Copper dropped in London on speculation of slowing demand in China, the world’s largest user of the metal.
Market News:
-- German Chancellor Angela Merkel won European Union backing for a rewrite of EU treaties to create a permanent debt-crisis mechanism by 2013 to prevent a repeat of the Greece-led shock that jolted the euro. {NSN LB10I50YHQ0Y }
-- Asian stocks fell after Samsung Electronics Co. and Sharp Corp. said they expect less profit. The yen gained and commodities declined ahead of a report that may show the U.S. economy grew 2 percent in the latest quarter. {NSN LB1COF1A1I4H }
-- As China’s version of the Nasdaq Stock Market marks its first anniversary tomorrow, many investors have little reason to celebrate. {NSN LB1D6A1A1I4H }
-- U.S. home foreclosure sales are slowing in the states hardest-hit by the real estate crash as banks review their practices and delay seizures. {NSN LB0VV11A1I4H }
-- Jackson, Michigan, is home to one of this year’s most closely contested U.S. House races, with both candidates promising to bring jobs back to an area suffering from 13 percent unemployment. {NSN LB10KK07SXKX }
-- The Bank of Japan’s inflation forecast shows it won’t meet its own guidelines for price stability, a prediction that signals policy makers haven’t pumped enough cash into the economy. {NSN LB0ZOC0YHQ0X }
Metals News:
-- Grupo Mexico SAB, the country’s largest mining company, said third-quarter profit rose 58 percent because of higher copper prices. {NSN LB13GL0D9L35 }
-- Accelerating purchases of palladium, platinum and silver at the expense of gold signals investors may be increasing bets on an economic recovery. {NSN LB0B1I0D9L36 }
-- China’s steel exports will drop “significantly” in the fourth quarter from the first half because of the removal of a tax rebate, yuan appreciation and lower demand, the China Iron and Steel Association said. {NSN LB15RM0UQVI9 }
-- Copper may fall in London as the dollar strengthens and demand slows in China, the world’s biggest consumer of the metal, a survey showed. {NSN LB05W00YHQ0X }
Metal Prices:
--Editors: Claudia Carpenter, Stuart Wallace
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.
