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Copper Advances on U.S. Demand Speculation: LME Preview

Copper rebounded from the biggest decline in two weeks on speculation U.S. economic data signals demand from the second-biggest buyer will be strong, and after China said imports of refined metal gained in February.

Market News:

-- European equity futures and the euro rose after Greece’s prime minister won parliamentary approval for an international

-- Xia Bin, a departing adviser to China’s central bank, urged

-- Federal Reserve Chairman Ben S. Bernanke said Europe must further strengthen its banks and that its financial and economic

-- Sales of previously owned U.S. homes probably rose in

-- China’s biggest banks, set to post record profits for a fifth

Metals News:

-- Copper is expected to average 5 percent less in 2012 at $8,430 a metric ton because of the absence of “the large

-- Iron ore may decline 8.5 percent this year as global output

Metal Prices:

-- Copper gained 0.6 percent to $8,480 a metric ton by 7:42
a.m. on the London Metal Exchange. Relative Strength Index 52.
-- Aluminum advanced 0.3 percent to $2,252 a ton. RSI 50.
-- Zinc jumped 0.7 percent to $2,050 a ton. RSI 48.
-- Lead rose 0.2 percent to $2,018.25 a ton. RSI 38.
-- Nickel declined 0.1 percent to $19,037 a ton. RSI 42.
-- Tin gained 0.3 percent to $23,500 a ton. RSI 50.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   79.458           -0.2           -0.9
Crude oil           $106.46           0.4            7.7
Gold                $1,652.98         0.1            5.7
MSCI World Index    1,316.14          0.0           11.3
Economic events:
                                     Forecast    Prior     Time
U.S. MBA Mortgage Applications MAR 16   --       -2.4%    11:00
U.S. Existing Home Sales       FEB      4.61M    4.57M    14:00


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