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Copper May Decline on China Growth Concern: LME Preview

Copper may fall for a second day in London after Chinese authorities warned the country’s industrial output is likely to slow this quarter, raising concern about demand outlook for the biggest metals user.

Market News:

-- Greek Prime Minister Lucas Papademos plans today to discuss

-- Glencore International Plc, the world’s largest publicly

-- China’s stocks dropped the most in eight weeks on concern economic growth is slowing, while the euro fell as Greece sought

-- China’s industrial output growth is likely to slow this

-- Australia unexpectedly kept interest rates unchanged as two

Metals News:

-- Declining U.S. copper stockpiles may show traders are securing the metal in anticipation of a revival in Chinese

-- Xstrata Plc, the largest exporter of power-station coal, said 2011 earnings before interest, tax, depreciation and

-- Rio Tinto Group options traders are the most bearish in more

Metal Prices:

-- Copper fell 0.2 percent to $8,480 a metric ton by 7:33
a.m. on the London Metal Exchange. Relative Strength Index 61.
-- Aluminum declined 0.2 percent to $2,219.75 a ton. RSI 54.
-- Zinc dropped 0.2 percent to $2,126 a ton. RSI 60.
-- Lead gained 0.3 percent to $2,188 a ton. RSI 53.
-- Nickel declined 0.6 percent to $21,565 a ton. RSI 67.
-- Tin dropped 0.7 percent to $24,330 a ton. RSI 73.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   79.169            0.1           -1.3
Crude oil           $97.18            0.3           -1.7
Gold                $1,729.60         0.5           10.6
MSCI World Index    1,275.75          0.2            7.9
Economic events:
                                    Forecast    Prior     Time
Germany Ind. Production MoM   DEC     0.0%      -0.6%      11:00
Japan Current Account Total   DEC   Y340.1B    Y138.5B     23:50


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