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Copper May Fall as Some Investors Sell After Rally: LME Preview

Dec. 3 (Bloomberg) -- Copper may fall for the first time in four days in London as some investors sell the metal to lock in gains following its climb to a three-week high.

Market News:

-- Asian stocks rose for a third day before a report on U.S. payrolls that may add to evidence the global recovery is strengthening. {NSN LCU93G1A1I4H <GO>}

-- An increase in November payrolls probably pushed U.S. job gains past the 1 million mark for the year as the world’s largest economy strengthened heading into 2011, economists said before a report today. {NSN LCTMMX0UQVI9 <GO>}

-- China will shift to a “prudent” monetary policy next year as the government seeks to rein in liquidity and combat inflation at a two-year high. {NSN LCU9UD1A1I4H <GO>}

-- South Korea’s military said it is preparing to carry out the first live-fire artillery drills along its disputed western sea border since the deadly shelling of Yeonpyeong island by its communist neighbor. {NSN LCU2PK1A1I4H <GO>}

-- Oil dropped from a two-year high in New York after China’s stock-index futures fell amid speculation the government may tighten monetary policy further in the world’s biggest energy user. {NSN LCTWPH6K50XU <GO>}

Metals News:

-- China should consider adding to its gold reserves as a long-term strategy to pave the way for the yuan’s internationalization, central bank adviser Xia Bin wrote in the China Business News today. {NSN LCU67H6JTSEA <GO>}

-- Wage talks at Anglo American Plc and Xstrata Plc’s Collahuasi venture are set to extend into a fifth day as union and company representatives seek an agreement to end a four-week strike at the world’s third-biggest copper mine. {NSN LCTTHX07SXKX <GO>}

-- Silver prices may peak near $35 an ounce next year and average close to $30 on strong investment demand and continuing growth in industrial consumption, said Philip Klapwijk, chairman of GFMS Ltd. {NSN LCU4KI6JTSE8 <GO>}

-- Xstrata Plc, the world’s biggest thermal coal exporter, said zinc and lead output at its Mount Isa operation in Australia will rise more than 10 percent this year and next as production costs decline. {NSN LCTQII1A1I4H <GO>}

-- Rio Tinto Group, the world’s third-largest mining company, and its largest shareholder, Aluminum Corp. of China, agreed to jointly seek and develop coking coal and copper deposits in China. {NSN LCU7KQ1A74E9 <GO>}

Metal Prices:

-- Copper rose $10, or 0.1 percent, to $8,730 a metric ton at
7:30 a.m. on the London Metal Exchange. Relative Strength Index
60.5.
-- Aluminum rose 0.4 percent to $2,357 a ton. RSI 54.2.
-- Zinc dropped 1 percent to $2,238.25 a ton. RSI 48.9.
-- Lead declined 0.2 percent to $2,370 a ton. RSI 51.7.
-- Nickel was unchanged at $23,650 a ton. RSI 57.3.
-- Tin declined 0.4 percent to $25,450 a ton. RSI 53.1.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   80.131          -0.2        2.9
Crude oil           $87.93          -0.1       10.8
Gold                $1,391.75        0.5       26.9
MSCI World Index    1,240.29         0.2        6.1

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)

EC services PMI                       55.2        55.2      9:00
U.S. change in nonfarm payrolls       150K        151K     13:30
U.S unemployment rate                 9.6%        9.6%     13:30
U.S. factory orders                  -1.2%        2.1%     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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