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Copper Advances to Record on Currency Concerns: LME Preview

Copper climbed to a record $8,973.50 a metric ton in London on concern that government moves to pump money into the global economy may weaken currencies, boosting demand for commodities as a hedge.

Market News:

-- Treasuries fell, paring their biggest gain in three weeks,

-- The U.S. Treasury Department sold its remaining stock in

-- European finance ministers ruled out immediate aid for

-- President Barack Obama said he would agree to sustain Bush-

-- The U.S. labor market outlook is improving, with more employers planning to boost payrolls at the start of 2011 and

Metals News:

-- Unionized workers at Anglo American Plc and Xstrata Plc’s

-- Gold demand next year may be supported as a hedge against

-- Ok Tedi Mining Ltd. will produce 160,000 metric tons of

-- Newcrest Mining Ltd., Australia’s largest gold company, is

-- The premium on copper for immediate delivery may rise in the

*T Metal Prices:

-- Copper rose $185.75, or 2.1 percent, to $8,955.25 a metric ton at 8:12 a.m. on the London Metal Exchange. Relative Strength Index 65.9. -- Aluminum gained 1.4 percent to $2,338 a ton. RSI 51.8. -- Zinc jumped 1.8 percent to $2,258 a ton. RSI 50.4. -- Lead rose 1 percent to $2,374.50 a ton. RSI 52.2. -- Nickel gained 1.3 percent to $23,899 a ton. RSI 59.2. -- Tin rose 2.6 percent to $26,150 a ton. RSI 59.4.

Other markets: Last % Change % YTD U.S. Dollar Index 79.387 -0.2 2.0 Crude oil $89.41 0.0 12.7 Gold $1,422.65 -0.1 29.7 MSCI World Index 1,248.60 0.3 6.9

Economic Events:

Forecast Prior Time

(London) U.K. industrial production (MoM) 0.3% 0.4% 9:30 Germany factory orders (MoM) 1.9% -4.0% 11:00 Bank of Canada rate 1.0% 1.0% 14:00 Consumer Credit OCT -$1.0B $2.1B 20:00 ABC Consumer Confidence DEC 5 -45 22:00


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