Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Copper Rises for a 5th Day as Fed May Ease Further: LME Preview

Dec. 6 (Bloomberg) -- Copper climbed for a fifth day after Federal Reserve Chairman Ben S. Bernanke said the central bank may boost purchases of U.S. securities, boosting demand for industrial metals on economic growth.

Market News:

-- Treasuries snapped a three-day loss, the dollar gained and silver jumped to a 30-year high after Bernanke’s comments. {NSN LCZQRT1A74E9 <GO>}

-- Federal Reserve Chairman Ben S. Bernanke said the economy is barely expanding at a sustainable pace and that it’s possible the Fed may expand bond purchases beyond the $600 billion announced last month to spur growth. {NSN LCZRY70UQVI9 <GO>}

-- The most accurate foreign-exchange strategists say the euro’s worst annual performance since 2005 will extend into next year as the region’s sovereign-debt crisis saps economic growth. {NSN LCZPLG1A74E9 <GO>}

-- European finance ministers travel to Brussels today as Belgium argues that the region’s 750 billion-euro ($1 trillion) bailout fund could be increased to fight contagion from the sovereign crisis. {NSN LCZSZ007SXKX <GO>}

-- Commodities rose, capping the biggest weekly gain since October 2009, as global shortfalls of cotton and wheat drove agriculture prices higher. {NSN LCVKI50YHQ0X <GO>}

-- Oil traded near the highest in 26 months as signs the economic recovery is gathering pace in the U.S., the world’s biggest crude-consuming nation, stoked speculation that fuel demand will increase. {NSN LCZRJN07SXKX <GO>}

Metals News:

-- The biggest slump in copper inventories in six years is compounding shortages as prices head toward record highs, making the metal a top pick for Goldman Sachs Group Inc. and Morgan Stanley. {NSN LCZR300YHQ0X <GO>}

-- Riversdale Mining Ltd., an Australian company developing coal mines in Africa, said it held talks with Rio Tinto Group on a possible A$3.5 billion ($3.46 billion) takeover proposal. {NSN LCZQYE0UQVI9 <GO>}

-- China’s spending on a national power grid may account for 50 percent of the increase in the country’s overall copper demand next year, Macquarie Group Ltd. said. {NSN LCYN2L6KLVR4 <GO>}

-- Newcrest Mining Ltd., Australia’s largest gold mining company, suspended operations at its Bonikro mine in Ivory Coast over the weekend because of political unrest. {NSN LCZDKB0UQVI9 <GO>}

-- Papua New Guinea Prime Minister Michael Somare said it may cost more than $4 billion to reopen the Panguna copper mine on the island of Bougainville. {NSN LCZDD66KLVTV <GO>}

-- Vale SA, the world’s biggest exporter of iron ore, plans to produce 311 million tons next year to meet expected demand in Asia for the raw material used to make steel. {NSN LCY5771A1I4H <GO>}

Metal Prices:

-- Copper rose $44.50, or 0.5 percent, to $8,769.50 a metric ton
at 7:59 a.m. on the London Metal Exchange. Relative Strength
Index 61.2.
-- Aluminum gained 0.9 percent to $2,340 a ton. RSI 51.9.
-- Zinc jumped 0.9 percent to $2,238.75 a ton. RSI 49.1.
-- Lead rose 1 percent to $2,319.50 a ton. RSI 57.3.
-- Nickel gained 0.8 percent to $23,686 a ton. RSI 57.3.
-- Tin rose 0.6 percent to $25,700 a ton. RSI 55.5.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   79.540           0.2        2.2
Crude oil           $89.61           0.5         13
Gold                $1,416.50        0.2         29
MSCI World Index    1,246.2         -0.1        6.7

Economic Events:
                                     Survey    Prior
EC Sentix Investor Confidence         11.0     14.0        9:30

To contact the reporter on this story: Maria Kolesnikova in Moscow at

To contact the editor responsible for this story: Claudia Carpenter at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.