Copper Advances in London on Demand Outlook: LME Preview

Copper climbed for a second day on speculation demand from China and the U.S., the world’s biggest consumers of industrial metals, remains robust, and after hedge funds boosted bets on a rally to the highest since August.

Market News:

-- Asian stocks fell for a second day as corporate profits trailed estimates and Italy’s prime minister warned that Spain

-- Italy’s Prime Minister Mario Monti warned that Spain could

-- German business confidence probably held at a seven-month

-- The good news: China’s government will engineer a soft landing. The bad news: Even a soft landing is painful for

-- Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said the Federal Reserve will

Metals News:

-- Chile was struck by a 7.1-magnitude earthquake yesterday, cutting power and telephone service and triggering evacuations in the same coastal areas devastated by a tsunami in 2010. An

-- First Quantum Minerals Ltd. said it estimates its Sentinel

-- Hedge funds wagered the wrong way on commodity prices for a

-- Billionaire Oleg Deripaska’s En+ Group held talks to buy

Metal Prices:

-- Copper rose 0.3 percent to $8,400 a metric ton by 7:39
a.m. on the London Metal Exchange. Relative Strength Index 49.
-- Aluminum gained 0.3 percent to $2,180.75 a ton. RSI 42.
-- Zinc dropped 0.1 percent to $2,003 a ton. RSI 42.
-- Lead gained 0.2 percent to $1,998 a ton. RSI 38.
-- Nickel jumped 0.7 percent to $18,300 a ton. RSI 34.
-- Tin advanced 0.2 percent to $22,260 a ton. RSI 39.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   79.455            0.1           -0.9
Crude oil           $106.44          -0.4            7.7
Gold                $1,662.59         0.0            6.3
MSCI World Index    1,307.34         -0.1           10.6
Economic events:
                                    Forecast    Prior     Time
Germany IFO Business Climate    MAR   109.6      109.6     9:00
U.S. Pending Home Sales MoM     FEB    1.0%       2.0%    15:00
U.S. Dallas Fed Manuf. Activity MAR    16.0       17.8    15:30


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