BS: Copper Falls as Fed May Start to Withdraw Stimulus: LME Preview
April 27 (Bloomberg) -- Copper fell for a second day in London as the Federal Reserve may start to withdraw stimulus, raising the risk of slower demand for industrial metals.
Market News:
-- Japan’s sovereign-rating outlook was cut to “negative” by Standard & Poor’s as the nation’s reconstruction needs following last month’s earthquake will likely add to what’s already the world’s biggest debt load. {NSN LKAQ1Y07SXKX }
-- Federal Reserve officials will probably prepare to pull back from record stimulus by dropping a pledge this year to hold the main interest rate near zero for an “extended period,” according to a Bloomberg News survey. {NSN LKA2VO0D9L35 }
-- The dollar fell to a 16-month low versus the euro on speculation the Federal Reserve will consider further easing measures at today’s meeting to support the U.S. economy after its bond-buying program expires in June. {NSN LKAO9N6JIJXQ }
-- Treasuries snapped a three-day gain before a government report that economists said will show orders for durable goods rose and as the U.S. prepared to sell $35 billion of five-year notes. {NSN LKAPKV6JIJVP }
Metals News:
-- LS Cable & System Ltd., South Korea’s biggest wire and cable maker, expects sales to grow about 30 percent this year as demand in overseas markets including China and the U.S. gains, President Son Jong Ho said. {NSN LKAMGL1A74E9 }
-- China State Grid Corp. is planning to limit power supply to companies in the eastern province of Jiangsu because power supply may be about 16 percent less than demand this summer, the China Business News reported, without saying where it got the information. {NSN LKAB1P6JTSE9 }
-- Nyrstar NV, the world’s largest producer of refined zinc, said zinc in concentrate production rose 64 percent in the first quarter, compared with the fourth quarter. {NSN LKAOOA6S972F }
-- Freeport-McMoran Copper & Gold Inc. resumed underground mining at its Grasberg mine in Indonesia’s Papua after suspending it last week following an accident, Ramdani Sirait, a Jakarta-based spokesman to the copper producer, said in an e- mailed statement today. {NSN LKAP776JIJUU }
Metals Prices:
--Editors: Claudia Carpenter,
To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@abloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter@bloomberg.net.
