Copper May Decline as Shanghai Inventories Expand: LME Preview
Copper headed for the first weekly drop in four as stockpiles monitored by the Shanghai Futures Exchange rose to the highest since May 2010, boosting speculation demand in China, the biggest consumer, may be weakening.
Metal Prices: -- Copper was little changed at $8,349.75 a metric ton by 8:49 a.m. on the London Metal Exchange. Relative Strength Index 59. -- Aluminum gained 0.7 percent to $2,209.25 a ton. RSI 54. -- Zinc rose 0.2 percent to $2,100 a ton. RSI 59. -- Lead was little changed at $2,165 a ton. RSI 52. -- Nickel was little changed at $20,868 a ton. RSI 62. -- Tin fell 1 percent to $23,900 a ton. RSI 70. Other Markets: Last % Change % YTD U.S. Dollar Index 78.988 0.0 -1.5 Crude oil $96.45 0.1 -2.4 Gold $1,758.83 0.0 12.5 MSCI World Index 1,258.82 -0.1 6.5 Economic events: Forecast Prior Time (London) Euro-zone retail sales MoM DEC 0.3% -0.4% 10:00 U.S. change in nonfarm-payrolls JAN 140K 200K 13:30 U.S. unemployment rate JAN 8.5% 8.5% 13:30 U.S. factory orders DEC 1.5% 1.8% 15:00 To contact the reporter on this story: Maria Kolesnikova in London at firstname.lastname@example.org To contact the editor responsible for this story: Claudia Carpenter at email@example.com
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