SF: Copper Rises, Narrowing First Weekly Drop in Six
Oct. 22 (Bloomberg) -- Copper rose, reducing the first weekly drop in six weeks, as a weaker dollar spurred demand for commodities as an alternative investment.
Market News
-- Asian stocks and oil rose as earnings beat estimates, boosting confidence in the global economic recovery. The dollar fell against the euro after U.S. Treasury Secretary Timothy F. Geithner said nations with trade surpluses should use exchange rates to reduce imbalances. {NSN LAOH8W07SXKX }
-- The Dollar Index headed for its first weekly gain since Sept. 10 on speculation Group of 20 finance chiefs will agree to refrain from weakening their currencies to support economic growth. {NSN LAOD6A6TTDS0 }
-- China's central bank will likely hold off from adding to this week's interest-rate increase until 2011, when it will raise borrowing costs at least twice to tame inflation, according to economists surveyed by Bloomberg. {NSN LANJYT0D9L35 }
-- Group of 20 finance chiefs are struggling to agree whether to set targets for their current account imbalances as a way of defusing tension over currencies before it sparks a trade war. {NSN LAOEKF0UQVI9 }
-- U.S. Treasury Secretary Timothy F. Geithner told Group of 20 nations they should commit to policies which reduce external imbalances below a specific share of gross domestic product. {NSN LAOD8X6S9728 }
-- Crude oil climbed in New York after reports showed improvement in the U.S. economy, raising investor expectation fuel demand will increase. {NSN LAOB1A0YHQ0X }
Metals News:
-- The Canadian minister in charge of reviewing BHP Billiton Ltd.'s $40 billion hostile offer for Potash Corp. of Saskatchewan Inc. said he won't be swayed after Saskatchewan said the federal government should block the bid. {NSN LANVO81A74E9 }
-- Copper may rise in London next week on speculation that the Federal Reserve will ease monetary policy to stoke U.S. economic growth, weighing on the dollar, a survey showed. {NSN LANBUF1A74E9 }
-- Gold may decline next week as some investors sell the metal after its rally to a record, a survey found. {NSN LANEHO6JTSEB }
-- China's zinc and lead market will be little affected by the suspension of production at Shenzhen Zhongjin Lingnan Nonfemet Co.'s Shaoguan smelter as the country, the world's largest producer of both metals, has ample supplies, said Beijing Antaike Information Development Co. {NSN LAOGV66K50XW }
-- South Korea plans to reduce its dependency on Chinese supplies of rare earths after cutting overall imports of the materials used in hybrid cars and wind turbines by almost two- thirds since 2005. {NSN LAO6EV6JTSEB }
