SF: Copper May Rise on Prospects for Japan Rebuilding
March 17 (Bloomberg) -- Copper may rise in London on speculation that demand will strengthen on rebuilding in Japan after last week's earthquake.
Market News:
-- Asian stocks fell and Japan's bond risk rose to a record on concern the nation's nuclear crisis will cripple its economy. The Nikkei 225 Stock Average pared losses and the yen retreated after the Group of Seven nations said they would meet to discuss the crisis. {NSN LI6VKS1A1I4H }
-- Group of Seven nations finance chiefs will hold talks on financial markets and Japan's economy tomorrow, after the March 11 earthquake triggered a drop in global stocks and drove the nation's currency to a post-World War II high. {NSN LI6TFE1A74E9 }
-- Japan's worsening nuclear crisis sparked a selloff in global stock markets that's damping demand for new equity, causing Lagardere SCA to delay the initial public offering of its Canal Plus France stake and threatening IPOs including Glencore International AG. {NSN LI6LSX07SXKX }
-- India's central bank raised interest rates for the eighth time in a year to rein in inflation that unexpectedly accelerated last month. {NSN LI6VLV0D9L35 }
-- Treasuries fell, ending a three-day rally, on speculation gains aren't justified and after Asian stocks pared declines, reducing demand for the relative safety of government debt. {NSN LI6WPU07SXKX }
Metals News:
-- Vale SA, the world's largest iron-ore producer, said that shipments to Japan haven't been affected by the recent earthquake. {NSN LI6UVC6K50XS }
-- PT Timah fell the most in three weeks in Jakarta trading as tin dropped amid renewed concern Japan's nuclear crisis may damp metal demand, reducing the revenue outlook for Indonesia's largest producer of the commodity. {NSN LI6LAY6S972F }
-- China's production of steel may rise 8.8 percent this year to 660 million metric tons, Luo Bingsheng, a special adviser to the China Iron and Steel Association, said at a conference today. {NSN LI6HW46K50YM }
-- Kobe Steel Ltd. will restart production from tomorrow at an aluminum plant in Tochigi prefecture closed after Japan's March 11 earthquake. {NSN LI6XHF6KLVR7 }
-- China, the biggest importer of iron ore, should speed mining investment in neighboring nations such as North Korea and Mongolia to cut supply costs and meet rising demand for the steelmaking raw material, an industry group said. {NSN LI6HN707SXKY }
