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Copper Rises as GFMS Forecasts Advance to $11,000: LME Preview

Nov. 30 (Bloomberg) -- Copper rose in London as researcher GFMS Ltd. said the metal will climb to $11,000 a metric ton, implying a 33 percent jump from the current price.

Market News:

-- Asian stocks dropped and the euro weakened while bond risk climbed amid speculation Ireland’s banking crisis will spread to Spain and Portugal and that China may raise interest rates. {NSN LCOP4R0D9L35 <GO>}

-- Oil dropped from the highest in two weeks on concern that measures to slow China’s economy will damp crude demand in the world’s largest energy user. {NSN LCOLTY6TTDS1 <GO>}

-- China’s property market was given a stable outlook by Moody’s Investors Service, which expects developers to withstand a “moderate downward correction” in prices in the next year following government curbs. {NSN LCOKQP0YHQ0X <GO>}

-- Japan’s industrial production decreased and the unemployment rate unexpectedly climbed in October, providing early signs that the country’s economy will likely shrink this quarter. {NSN LCOHEX0YHQ0X <GO>}

-- India’s economic growth exceeded 8 percent for the third straight quarter, evidence of a strengthening in domestic demand that’s stoked inflation by placing strains on the nation’s transport and power systems. {NSN LCOOA81A74E9 <GO>}

-- Real-estate prices in 20 U.S. cities probably rose in September at the slowest pace in eight months, showing the latest slump in sales is destabilizing housing, economists said before a report today. Other reports may show consumer confidence rose and businesses expanded. {NSN LCO6270D9L35 <GO>}

Metals News:

-- Copper will exceed $11,000 a metric ton by 2013 because of shortages, researcher GFMS Ltd. said, implying a 33 percent gain from the metal’s current price. {NSN LCNI8P1A74E9 <GO>}

-- Anglo American Plc and Xstrata Plc’s Collahuasi venture will attempt to end a strike that matches the longest recorded at a major Chilean copper mine in a second day of wage talks with union leaders in northern Chile. {NSN LCO6G81A1I4H <GO>}

-- Lion Fund Management Co. will raise up to $500 million in China to invest in overseas exchange-traded funds backed by gold, the first in the country to be approved to do so, a company executive said today. {NSN LCOG9S6TTDS0 <GO>}

-- ThyssenKrupp AG, Germany’s largest steelmaker, returned to profit in the fiscal year through September after expenses declined and metal demand rose. {NSN LCOP8R07SXKX<GO>}

Metal Prices:

-- Copper rose $50, or 0.6 percent, to $8,270 a metric ton at
7:33 a.m. on the London Metal Exchange. Relative Strength Index
47.4.
-- Aluminum gained 0.5 percent to $2,282 a ton. RSI 43.9.
-- Zinc jumped 1.9 percent to $2,119 a ton. RSI 39.6.
-- Lead rose 1.7 percent to $2,224 a ton. RSI 40.9.
-- Nickel gained 0.6 percent to $22,550 a ton. RSI 47.6.
-- Tin was unchanged at $23,900 a ton. RSI 36.5.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   80.876           0.1        3.9
Crude oil           $85.43          -0.4        7.7
Gold                $1,365.9       -0.02       24.5
MSCI World Index    1,200.3        -0.05        2.7

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)

Germany unemployment change           -20K       -3K       8:55
Euro-zone CPI estimate (YoY)          1.9%       1.9%     10:00
Euro-zone unemployment rate          10.1%      10.1%     10:00
Chicago Purchasing Manager Index      59.9       60.6     14:45
U.S. consumer confidence              53.0       50.2     15:00

To contact the reporter on this story: Maria Kolesnikova in Moscow at mkolesnikova@bloomberg.net.

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter@bloomberg.net.

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