Bloomberg "Anywhere" Remote Login Bloomberg "Terminal" Request a Demo


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 Rebounds in London Before Home Sales Report: LME Preview

March 23 (Bloomberg) -- Copper rebounded in London before a Commerce Department report that economists say will show the most new U.S. home purchases in more than a year.

Market News:

-- Asian stocks fell, extending the biggest weekly decline of the year, as a surprise drop in profit at China’s third-largest bank rekindled concern growth will slow in the world’s second-largest economy. Metals rebounded, led by zinc amid tightening supplies. {NSN M1BRFO6K50Y0 <go>}

-- Federal Reserve Bank of St. Louis President James Bullard said U.S. monetary policy may be at a turning point and the Fed’s first interest-rate increase since the global financial crisis could come as soon as late 2013. {NSN M1BKL56JTSE8 <go>}

-- U.K. consumer confidence declined in February as rising joblessness and weak economic growth made Britons more pessimistic about the future, Nationwide Building Society said. {NSN M1AR616JIJVF <go>}

-- Purchases of new homes in the U.S. probably rose in February to the highest level in more than a year, economists said before a report today. {NSN M1AZXH1A1I4I <go>}

-- Japan’s government nominated BNP Paribas SA economist Ryutaro Kono to join the central bank’s policy board, drawing criticism from lawmakers concerned that he won’t support bolder action to end decade-long deflation. {NSN M1BQL06K50XT <go>}

-- China’s central bank may grade local governments’ creditworthiness in an internal trial program as officials prepare for debt sales by provincial and city authorities, a state researcher said. {NSN M1BLOD1A74E9 <go>}

Metals News:

-- Copper traders extended a bearish streak into a second week on mounting concern that demand is weakening after manufacturing contracted from China to Europe. {NSN M1BKOG6TTDS4 <go>}

-- The Hong Kong Mercantile Exchange plans to introduce gold, silver and copper contracts denominated in yuan over the next 12 months, Albert Helmig, president of the bourse, said in Shanghai yesterday. {NSN M1AT9U6K50XT <go>}

-- China’s aluminum demand will be sustained through the government’s affordable housing projects with the consumption outlook most bullish from the transportation sector, which may use 13.5 percent more of the metal this year, Wen Xianjun, vice chairman of the China Nonferrous Metals Industry Association, said at a forum in Shanghai. {NSN M1BFUL6K50XS <go>}

-- Mongolian Mining Corp. received orders in excess of $5.5 billion for its debut bond offering of $600 million, according to a person familiar with the matter. {NSN M1BK976S9729 <go>}

-- China National Nuclear Corp. said it’s in talks to buy a stake in uranium mines owned by Areva SA as the world’s biggest energy consumer prepares to resume approval of new reactor construction. {NSN M1BSE56K50XS <go>}

Metals Prices:

-- Copper climbed 1.2 percent to $8,387 a metric ton at 7:43
a.m. on the London Metal Exchange. Relative strength index 48.
-- Aluminum gained 0.7 percent to $2,181 a ton. RSI 41.
-- Nickel advanced 0.5 percent to $18,543 a ton. RSI 36.
-- Lead gained 1.4 percent to $2,010 a ton. RSI 40.
-- Tin increased 1.8 percent to $22,498 a ton. RSI 40.
-- Zinc was up 1.5 percent at $2,015 a ton. RSI 44.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.69           -0.1       -0.6
Crude Oil           $105.70            0.3        7.0
Gold              $1,646.05            0.0        5.3
MSCI World Index   1,302.48           -0.1       10.1

Economic Events:
                                    Forecast     Prior     Time
IT Retail Sales                      -0.1%       -1.1%   09:00
US New Home Sales                     1.3%       -0.9%   14:00

To contact the reporter on this story: Claudia Carpenter in London 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.