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Copper Advances as Global Manufacturing Expands: LME Preview

Dec. 2 (Bloomberg) -- Copper rose in London after manufacturing expanded in China, the U.S. and Europe, adding to signs of a revival in demand.

Market News:

-- Asian stocks climbed, sending the region’s benchmark index to its biggest rally in a month, while commodities rose amid signs the global recovery is strengthening. {NSN LCSE9Y0D9L35 <GO>}

-- The dollar rose toward a two-month high against the euro amid signs the U.S. labor market is improving while Europe struggles to contain its debt crisis. {NSN LCSFJH6TTDS6 <GO>}

-- Federal Reserve data showing UBS AG and Barclays Plc ranked among the top users of $3.3 trillion from emergency programs is stoking debate on whether U.S. regulators bear responsibility for aiding other nations’ banks. {NSN LCSB9L0UQVI9 <GO>}

-- Fewer Americans probably signed contracts to buy previously owned homes in October for a second month, adding to evidence a recovery in housing will take time to develop, economists said before a report today. {NSN LCRTCX0YHQ0X <GO>}

-- Oil traded near the highest level in three weeks after greater-than-forecast growth in U.S. private employment bolstered optimism fuel demand will increase in the world’s biggest crude consumer. {NSN LCSFZH1A1I4K <GO>}

Metals News:

-- China’s gold imports jumped almost fivefold in the first 10 months from the entire amount shipped in last year as concern about rising inflation increased the metal’s appeal as a store of value, said the Shanghai Gold Exchange. {NSN LCS8D307SXKX <GO>}

-- Wage talks between union leaders and company representatives at Anglo American Plc and Xstrata Plc’s Collahuasi venture will extend into a fourth day in a bid to end a strike at the world’s third-biggest copper mine. {NSN LCS0X90D9L36 <GO>}

-- China’s investment gold demand may reach 150 metric tons this year, up from 105 tons last year, according to Albert Cheng, managing director of the World Gold Council’s Far East department. {NSN LCS9096TTDS3 <GO>}

-- Gold may climb to $1,690 an ounce in the next 12 months as government asset purchases keep U.S. real interest rates low, Goldman Sachs Group Inc. said. {NSN LCREMM6JTSE8 <GO>}

Metal Prices:

-- Copper rose $123, or 1.4 percent, to $8,708 a metric ton at
7:47 a.m. on the London Metal Exchange. Relative Strength Index
60.1.
-- Aluminum gained 1.6 percent to $2,377 a ton. RSI 56.3.
-- Zinc jumped 3 percent to $2,224 a ton. RSI 48.
-- Lead rose 2.2 percent to $2,319.50 a ton. RSI 48.5.
-- Nickel gained 0.4 percent to $23,640 a ton. RSI 57.4.
-- Tin rose 1.4 percent to $25,150 a ton. RSI 50.6.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   80.553          -0.2        3.5
Crude oil           $86.96           0.2        9.6
Gold                $1,393.65        0.4        27
MSCI World Index    1,222.2          0.5        4.6

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)
Euro-zone GDP (QoQ)                   0.4%       0.4%     10:00
ECB announces interest rates         1.00%      1.00%     12:45
U.S. initial jobless claims           424K       407K     13:30
U.S. pending home sales (MoM)        -1.0%      -1.8%     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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