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Copper Gains as Japan Machinery Orders Advance: LME Preview

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

-- Japan’s machinery orders increased more than economists

-- Spain’s benchmark borrowing costs climbed to a record

-- Greek deposit outflows have accelerated before this weekend’s

-- Retail sales in the U.S. probably declined in May for the

-- Divisions within OPEC signal the group will probably keep its

Metals News:

-- Aluminum demand in Japan, Asia’s largest importer, may be

-- Refined-tin output from Indonesia, the world’s largest

-- Eurasian Natural Resources Corp., the London-traded metals

-- South Africa is pumping 300 billion rand ($35.6 billion) into

-- South Korea’s Public Procurement Service, a state-run body

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

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