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Copper Gains as Japan Machinery Orders Advance: LME Preview

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June 13 (Bloomberg) -- Copper gained in London after machinery orders in Japan, the fourth-biggest consumer of the metal, increased more than economists expected.

Market News:

-- Asian stocks swung between gains and losses as concern heightened Europe will struggle to contain its debt crisis ahead of Italian bond auctions and Greece’s election. Japanese shares rose after machinery orders topped estimates. {NSN M5JFFI6S9729 <go>}

-- Japan’s machinery orders increased more than economists expected and South Korea’s unemployment fell as Asian economies show resilience in the face of Europe’s sovereign-debt crisis. {NSN M5JGWN6S9729 <go>}

-- Spain’s benchmark borrowing costs climbed to a record yesterday, raising the specter of sovereign bailouts for the government in Madrid and then Italy that would stretch European Union finances to their limit. {NSN M5IKUE6KLVR4 <go>}

-- Greek deposit outflows have accelerated before this weekend’s elections, two bankers familiar with the situation said, on concern the nation may move closer to abandoning the euro. {NSN M5IS040YHQ0X <go>}

-- Retail sales in the U.S. probably declined in May for the first time in a year as slower employment and subdued wage gains damped demand for automobiles, economists said before a report today. {NSN M5IUVB1A1I4H <go>}

-- Divisions within OPEC signal the group will probably keep its crude production ceiling unchanged tomorrow as falling prices limit Saudi Arabia’s ability to justify a higher quota. {NSN M5IZQR0YHQ0X <go>}

Metals News:

-- Aluminum demand in Japan, Asia’s largest importer, may be flat this year, failing to recover from the lowest level since 2009, as the end of a government subsidy will hurt auto sales, a Showa Denko K.K. executive said. {NSN M5JGJT0D9L35 <go>}

-- Refined-tin output from Indonesia, the world’s largest exporter, may drop this year as the European debt crisis slows economic growth and hurts demand, according to the head of an industry group. {NSN M5JI301A1I4H <go>}

-- Eurasian Natural Resources Corp., the London-traded metals producer founded by Kazakh investors, will study this year spinning off its international operations for a separate listing, Chairman Mehmet Dalman said. {NSN M5JLH36S9729 <go>}

-- South Africa is pumping 300 billion rand ($35.6 billion) into expanding and improving its railways, ports and fuel pipelines, a catalyst to help unlock the world’s greatest mineral wealth. {NSN M5IK3N1A1I4H <go>}

-- South Korea’s Public Procurement Service, a state-run body that manages strategic commodities, purchased 3,000 metric tons of primary aluminum ingots in a tender yesterday, according to a notice on the agency’s website. {NSN M5JLJT6KLVR6 <go>}

Metal Prices:

-- Copper rose 0.4 percent to $7,424.25 a metric ton by 8:10
a.m. on the London Metal Exchange. Relative Strength Index 38.
-- Aluminum gained 0.1 percent to $1,969.75 a ton. RSI 33.
-- Zinc rose 0.3 percent to $1,885 a ton. RSI 44.
-- Lead advanced 0.2 percent to $1,900 a ton. RSI 38.
-- Nickel declined 0.3 percent to $17,130 a ton. RSI 52.
-- Tin dropped 0.4 percent to $19,628 a ton. RSI 43.


Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   82.440            0.0            2.8
Crude oil           $83.21           -0.1          -15.8
Gold                $1,610.25         0.0            3.0
MSCI World Index    1,193.17          0.1            0.9


Economic events:
                                    Forecast    Prior     Time
                                                        (London)
Euro-zone Ind. Prod. SA  MoM   APR    -1.2%     -0.3%     10:00
U.S. MBA Mortgage Applications JUN 8    --       1.3%     12:00
U.S. Producer Price Index MoM  MAY    -0.6%     -0.2%     13:30
U.S. Advance Retail Sales      MAY    -0.2%      0.1%     13:30






To contact the reporter on this story:
Maria Kolesnikova in London at 
mkolesnikova@bloomberg.net

To contact the editor responsible for this story:
Claudia Carpenter at 
ccarpenter2@bloomberg.net