Copper Jumps as Output Data Boosts Demand Outlook: LME Preview

Copper jumped to a three-week high in London on speculation increased manufacturing output from China to the U.S. may boost demand for industrial metals.

Market News:

-- Asian stocks rose to a three-week high, commodities advanced

-- Manufacturing in the U.S. probably expanded in December at

-- Singapore’s economy shrank for the second time in three

-- Moves by the Federal Reserve to flood the world with dollars

-- Speculators increased wagers on rising commodity prices by

Metals News:

-- Codelco, locked in a battle with Anglo American Plc over the

-- Sterlite Industries (India) Ltd., the nation’s biggest copper

-- Iron ore prices may decline by as much as 11 percent on

-- KGHM Polska Miedz SA, Poland’s sole copper and silver

Metal Prices:
-- Copper rose $80.25, or 1.1 percent, to $7,680.50 a metric ton
by 7:48 a.m. on the London Metal Exchange. Relative Strength
Index 54.
-- Aluminum gained 0.2 percent to $2,023 a ton. RSI 47.
-- Zinc advanced 0.5 percent to $1,855 a ton. RSI 44.
-- Lead rose 0.7 percent to $2,050 a ton. RSI 53.
-- Nickel was little-changed at $18,700 a ton. RSI 55.
-- Tin gained 0.5 percent to $19,300 a ton. RSI 45.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   79.911           -0.5           -0.3
Crude oil           $100.73           1.9            1.9
Gold                $1,587.60         1.4            1.5
MSCI World Index    1,188.16          0.2            0.5
Economic events:
                                      Forecast  Prior     Time
                                                        (London)
Germany Unemployment Change(1000s) DEC  -10K       -20K    8:55
U.S. ISM Manufacturing             DEC  53.4       52.7   15:00

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