Copper Rebounds on China Recovery Optimism: LME Preview

Copper rose, rebounding from the lowest close in almost a month, as recent economic data added to signs of a recovery in the world’s biggest user of the metal.

MARKET NEWS * RBA Says Aussie ‘Uncomfortably High’ as It Holds Key Rate * Asia Stocks Drop With Aussie as Yen Gains; Copper Rallies * Li Says China Needs 7.2% Growth to Create Jobs as Party Meets * Goldman to BofA Are Said to Trade With SAC After Plea Deal * WTI Fluctuates Near Four-Month Low on U.S. Supply Outlook

METALS NEWS * Gold Snaps Losing Run as U.S. Data May Show Slower Recovery * Iron Ore Exports Climb to China From Australia’s Port Hedland * Rebar Falls on Concern China Property Curbs May Reduce Demand * Barclays Sees Copper Bonds Beat by Power Supplier * China, U.S. Steel-Price Spread Signals Decline: Chart of Day

METALS PRICES * Copper Up 0.5% to $7,182.75/t; RSI 47 * Aluminum Up 0.7% to $1,834/t; RSI 45 * Nickel Down 0.3% to $14,330/t; RSI 51 * Zinc Up 0.4% to $1,931/t; RSI 50 * Lead Up 0.2% to $2,163.50/t; RSI 52 * Tin Little Changed at $22,706/t; RSI 44

OTHER MARKETS: * Crude Oil Little Changed at $94.59/bbl * Gold Little Changed at $1,314.76/oz * Bloomberg Dollar Index Up 0.1% to 1,013.97 * MSCI All-Country World Index Little Changed at 396.83

ECONOMIC EVENTS (All Times London): * 930am U.K. PMI Services * 930am EU Economic Growth Forecasts * 10am EU PPI * 3pm US ISM Non-Manuf. Composite

To contact Bloomberg News staff for this story: Alfred Cang in Shanghai at acang@bloomberg.net

To contact the editor responsible for this story: Brett Miller at bmiller30@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.