BS: Copper May Decline as Dollar Rebound Curbs Demand: LME Preview
Oct. 19 (Bloomberg) -- Copper may fall in London as the dollar rebounds, damping demand for commodities as alternative investments, and recent gains discourage Chinese buyers.
Market News:
-- Asian stocks fell, led by computer-related companies after Apple Inc. forecast profit for this quarter that will rise less than analysts predicted and International Business Machines Corp. reported a drop in new contracts. Oil fell from a two-week high, and the dollar weakened against the yen. {NSN LAIUXZ1A74E9 }
-- The dollar rose for a third day against the euro as a decline in Asian stocks boosted demand for safer assets and traders judged the greenback’s 6 percent slide in the past month was overdone. {NSN LAIVK80YHQ0X }
-- The World Bank lowered its outlook for growth next year in China and across East Asia, urging officials in the region to curb inflation and ward off asset bubbles to avoid a repeat of the Asian financial crisis. {NSN LAIL1Q1A74E9 }
-- German investor confidence may fall to its lowest level in 21 months in October as weaker global growth curbs exports. {NSN LAHRIP0UQVI9 }
-- Builders in the U.S. probably began work on fewer homes in September, a sign the residential real estate market will be slow to recover from the worst recession since the 1930s, economists said before a report today. {NSN LAI85O1A1I4H }
-- U.S. stock-index futures fell after Apple Inc.’s profit forecast missed analysts’ estimates and International Business Machines Corp. reported a third quarterly drop in new contracts. {NSN LAIUJ10YHQ0X }
-- Oil dropped from its highest in almost two weeks as analysts forecast U.S. crude stockpiles swelled to the largest since June amid refinery maintenance and that fuel demand has slowed. {NSN LAIRS00YHQ0Z }
Metals News:
-- China’s silver exports, the world’s largest, may drop about 40 percent this year as domestic demand from industry and investors climbs, according to Beijing Antaike Information Development Co. {NSN LAITKS6TTDS3 }
-- HSBC Holdings Plc raised its 2011 and 2012 estimates for copper, aluminum, nickel and zinc as “continued strength” across Asia will offset weakness in developed economies and support commodity prices. {NSN LAIU5A6JIJUX }
-- Anglo American Plc and Xstrata Plc said their West Wall copper project in central Chile holds 750 million tons of resources. {NSN LAIWXK6S9729}
-- BHP Billiton Ltd. Chief Executive Officer Marius Kloppers faces greater pressure to win a hostile $40 billion bid for Potash Corp. of Saskatchewan Inc. after scrapping his second deal with Rio Tinto Group in two years. {NSN LAIFZW07SXKX }
-- Minmetals Resources Ltd., a Hong Kong-traded unit of China’s biggest metals trader, agreed to pay $1.85 billion for some of its state-owned parent company’s mines in Australia and Laos. {NSN LAIWD60YHQ0Z }
-- Posco’s proposed $12 billion steel plant in India is in doubt after a government panel recommended scrapping environment clearances given to the world’s third-largest steelmaker. {NSN LAIRTI07SXKX }
--Editors: Dan Weeks, Alastair Reed.
To contact the reporter on this story: Maria Kolesnikova in Moscow at mkolesnikova@bloomberg.net.
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter@bloomberg.net.
