BLBG:Copper Drops on Speculation China’s Demand May Slow: LME Preview
Copper dropped in London on speculation demand in China, the biggest user, may slow as the country’s home prices fell for a fourth month and Premier Wen Jiabao said business conditions may be “relatively difficult” this quarter.
Market News:
Metals News:
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Metal Prices:
-- Copper fell $115, or 1.5 percent, to $7,675 a metric ton by
7:44 a.m. on the London Metal Exchange. Relative Strength
Index 53.
-- Aluminum declined 1 percent to $2,055.75 a ton. RSI 52.
-- Zinc dropped 0.7 percent to $1,865 a ton. RSI 45.
-- Lead fell 1.6 percent to $2,067 a ton. RSI 54.
-- Nickel declined 1.1 percent to $18,695 a ton. RSI 54.
-- Tin dropped 3.5 percent to $19,300 a ton. RSI 46.
Other Markets:
Last % Change % YTD
U.S. Dollar Index 79.701 0.1 -0.6
Crude oil $102.55 -0.4 3.8
Gold $1,604.95 0.1 2.6
MSCI World Index 1,208.96 0.2 2.2
Economic events:
Forecast Prior Time
(London)
Germany PMI Services DEC 52.7 52.7 8:55
EC PMI Services DEC 48.3 48.3 9:00
Euro-zone CPI Estimate DEC 2.8% 3.0% 10:00
U.S. MBA Mortgage Applications DEC 30 -- -- 12:00
U.S. Factory Orders NOV 2.0% -0.4% 15:00
U.S. Total Vehicle Sales DEC 13.5M 13.59M 22:00
To contact the reporter on this story:
Maria Kolesnikova in London at
mkolesnikova@bloomberg.net
To contact the editor responsible for this story:
Claudia Carpenter at
ccarpenter2@bloomberg.net
