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:

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



Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.