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Copper Gains on China’s Possible Stimulus: LME Preview

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July 9 (Bloomberg) -- Copper climbed in London on speculation the government in China, the world’s largest buyer of the metal, will take more steps to boost growth.

Market News:

-- German exports rebounded more than economists forecast in May, helping Europe’s largest economy to weather the sovereign debt crisis. {NSN M6VQ0307SXKX <go>}

-- Asian stocks fell the most in a month and the yen rose after Japanese machinery orders sank the most in more than five years and Chinese Premier Wen Jiabao said the nation’s economy faces “relatively large” downward pressure. Bond risk climbed. {NSN M6VKLI6TTDS1 <go>}

-- Japanese stocks fell, with the Nikkei 225 Stock Average declining the most in a month, after the U.S. jobs creation missed estimates, raising concern the world’s largest economy is slowing, and as a report showed Japan’s machinery orders in May fell more than expected. {NSN M6VQDP1A1I4H <go>}

-- Japan’s May machinery orders fell 15 percent compared with an estimated 2.6 percent decline. {nsn M6V8X16TTDSG <GO>}

-- The euro touched its lowest level in two years before regional finance ministers gather in Brussels today to discuss crisis-fighting measures adopted by heads of government at a summit last month. {NSN M6VQM06TTDS6 <go>}

-- The world’s most-accurate foreign-exchange strategists say the worst is over for the euro this year, putting them at odds with traders who see more pain as the region’s economy shrinks and the sovereign debt crisis deepens. {NSN M6VGJ46K50YE <go>}

-- China’s inflation eased to a 29-month low and Premier Wen Jiabao said the government will intensify its response to the economy’s slowdown as growth wanes in Asian neighbors from Japan to Vietnam. {NSN M6VLHG0UQVI9 <go>}

-- Spanish Prime Minister Mariano Rajoy may unveil a third austerity round within days as his six-month-old government tries to avoid a second bailout amid hemorrhaging tax receipts. {NSN M6R3QF0D9L35 <go>}

-- U.K. Business Secretary Vince Cable urged Barclays Plc to avoid “another outrage” by limiting the severance package given to Robert Diamond, who resigned as chief executive officer last week over the Libor rate-manipulation scandal. {NSN M6UVUV6K50XU <go>}

Metals News:

-- Alcoa Inc., the largest U.S. aluminum producer, may report an 81 percent decline in second-quarter earnings as the eighth straight year of surplus global production drives down the price of the metal. {NSN M6UJL06VDKHU <go>}

-- A 50 percent jump in June property sales in eastern Chinese provinces compared with a year earlier will support metals demand, Goldman Sachs Group Inc. said. {NSN M6VRKU6K50YA <go>}

-- United Co. Rusal Chief Executive Officer Oleg Deripaska will confront a figure from his past he might rather forget when a $1 billion courtroom battle with Michael Cherney begins today in London. {NSN M6UIY11A74E9 <go>}

-- Countries’ rising demands for higher mining taxes and royalties, led by Australia’s efforts to take a greater share of the profit from its minerals, deters investors from committing to projects, according to Ernst & Young. {NSN M6QYU30D9L35 <go>}

Metals Prices:


-- Copper gained 0.2 percent to $7,545 a metric ton at 7:30 a.m.
on the London Metal Exchange. Relative strength index 49.
-- Aluminum was unchanged at $1,896 a ton. RSI 43.
-- Nickel increased 1.2 percent to $16,350 a ton. RSI 45.
-- Lead rose 0.2 percent to $1,863 a ton. RSI 46.
-- Tin was up 0.5 percent at $18,600 a ton. RSI 39.
-- Zinc advanced 0.4 percent to $1,851 a ton. RSI 47.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     83.29           -0.1        3.9
Crude Oil            $84.68            0.3      -14.3
Gold              $1,582.18           -0.1        1.2
MSCI World Index   1,226.40           -0.2        3.7

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)
EC Sentix Investor Confidence        -26.6       -28.9     09:30
US Consumer Credit                   $8.0B       $6.515B   20:00

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@abloomberg.net

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

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