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Copper Advances on Manufacturing Growth in China: LME Preview

Dec. 1 (Bloomberg) -- Copper rose in London as faster-than-expected manufacturing growth in China and increasing U.S. consumer confidence boosted the outlook for the global economy.

Market News:

-- Asian stocks and the won gained after an expansion in China’s manufacturing and rising U.S. consumer sentiment boosted confidence in the global recovery. {NSN LCQL1B1A74E9 <GO>}

-- China’s manufacturing grew at a faster pace for a fourth straight month in November, indicating the economy can withstand higher interest rates as price pressures escalate. {NSN LCQEDZ0YHQ0X <GO>}

-- Manufacturing in the U.S. probably expanded for a 16th consecutive month in November, a sign the world’s largest economy is gaining traction as the year draws to a close, economists said before reports today. {NSN LCPVK80UQVI9 <GO>}

-- The Federal Reserve, under orders from Congress, plans today to identify recipients of $3.3 trillion in emergency aid the central bank provided as it fought the worst financial crisis since the Great Depression. {NSN LCPWPV1A1I4H <GO>}

-- Europe’s sovereign crisis is spreading to the heart of the 16-nation bloc as investors question Belgium’s ability to cut the euro region’s third-highest debt load, overshadowing its economic performance. {NSN LCPO041A74EB <GO>}

-- The dollar proved to be last month’s best investment, beating stocks, bonds and commodities, confounding officials around the world who said Federal Reserve policies would debase the U.S. currency. {NSN LCQDVG07SXKX <GO>}

-- The euro rose against most of its major counterparts on speculation European Central Bank policy makers will signal tomorrow their willingness to act to prevent the spread of the region’s debt crisis. {NSN LCQKX96S9728 <GO>}

-- Oil advanced, trimming the biggest decline in almost two weeks, as signs of accelerating economic growth in China, the world’s biggest energy consumer, countered concern that Europe’s debt crisis is worsening. {NSN LCQHKI0D9L35 <GO>}

-- Goldman Sachs & Partners Australia Pty increased its forecast for the price of hard coking coal, used in steelmaking, by 6 percent to $240 a metric ton for next year because of growing demand from China, India and Brazil. {NSN LCQ2C46KLVR8 <GO>}

Metals News:

-- The union at Anglo American Plc and Xstrata Plc’s Collahuasi copper mine is still far from reaching an agreement over wages to end a 26-day a strike, a union official briefed on the matter said. {NSN LCQ3ZQ6JTSEG <GO>}

-- The London Metal Exchange copper premium for immediate-delivery climbed to the highest level in more than two years as exchange data showed one unidentified company owned most of the stockpiles monitored by the bourse. {NSN LCQDRM07SXKX <GO>}

-- Cameco Corp. plans to begin output at the world’s largest untapped uranium deposit in 2013, just in time to make up for a shortfall in global supplies. The project’s critics say it won’t happen. {NSN LCPZT30YHQ0X <GO>}

-- Korea Zinc Co., the world’s biggest producer of refined zinc, won a $429.9 million order to deliver silver to Japan’s Sumitomo Corp. {NSN LCQLJN1A1I4H <GO>}

-- China’s gold output in the first 10 months rose 8.83 percent to 277 metric tons, the Ministry of Industry and Information Technology said on its website today. {NSN LCQEAD6S9728 <GO>}

Metal Prices:

-- Copper rose $65, or 0.8 percent, to $8,425 a metric ton at
7:35 a.m. on the London Metal Exchange. Relative Strength Index
52.5.
-- Aluminum gained 0.7 percent to $2,291 a ton. RSI 45.4.
-- Zinc jumped 1.6 percent to $2,145 a ton. RSI 42.4.
-- Lead rose 1.8 percent to $2,270 a ton. RSI 44.8.
-- Nickel gained 0.5 percent to $23,175 a ton. RSI 53.5.
-- Tin rose 1.2 percent to $24,800 a ton. RSI 47.0.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   81.024          -0.2        4.1
Crude oil           $84.45           0.4        6.4
Gold                $1,391.5         0.4       26.8
MSCI World Index    1,195.3          0.2        2.3

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)
EC PMI manufacturing                  55.5       55.5      9:00
U.S. ISM manufacturing                56.5       56.9     15:00
Fed’s Beige Book                                          19:00

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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