Copper May Fall as S&P Cuts Spain Credit Rating: LME Preview
Copper may pare a second weekly advance after Spain’s sovereign debt rating was cut for a second time this year by Standard & Poor’s, adding to concerns the European sovereign debt crisis may worsen and damp the demand outlook for the metals.
Metal Prices: -- Copper fell 0.3 percent to $8,293 a metric ton by 7:37 a.m. on the London Metal Exchange. Relative Strength Index 52. -- Aluminum declined 0.1 percent to 2,083 a ton. RSI 43. -- Zinc dropped 0.7 percent to $2,023 a ton. RSI 51. -- Lead fell 0.3 percent to $2,115 a ton. RSI 55. -- Nickel gained 0.1 percent to $18,220 a ton. RSI 51. -- Tin rose 0.2 percent to $22,350 a ton. RSI 51. Other Markets: Last % Change % YTD U.S. Dollar Index 79.186 0.3 -1.2 Crude oil $103.95 -0.6 5.2 Gold $1,652.60 -0.3 5.7 MSCI World Index 1,291.22 -0.2 9.2 Economic events: Forecast Prior Time (London) U.S. GDP Growth QoQ 1Q 2.5% 3.0% 13:30 U.S. U. of Michigan Confidence APR 75.7 75.7 14:55 To contact the reporter on this story: Maria Kolesnikova in London at firstname.lastname@example.org To contact the editor responsible for this story: John Deane at email@example.com
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