Copper Gains a 2nd Day on Easing Speculation: LME Preview

Copper gained for a second day in London on speculation monetary easing by central banks around the world will spur economic growth.

Market News:

-- Asian stocks advanced toward the biggest gain this month,

-- Traders at Deutsche Bank AG, HSBC Holdings Plc, Societe Generale SA and Credit Agricole SA are under investigation for

-- China’s Premier Wen Jiabao will probably decide to cut banks’

-- Sales at Sunac West Chateau, a residential project in Beijing, surged almost 50 percent in June as the developer

-- Australian businesses grew less optimistic about near-term

Metals News:

-- Jindal Steel & Power Ltd., India’s second-biggest steelmaker

-- Rio Tinto Group, the world’s third-largest mining company,

Metal Prices:

-- Copper rose 0.9 percent to $7,705 a metric ton by 7:40
a.m. on the London Metal Exchange. Relative Strength Index 55.
-- Aluminum advanced 0.5 percent to $1,919 a ton. RSI 49.
-- Zinc gained 0.6 percent to $1,878.50 a ton. RSI 52.
-- Lead was little-changed at $1,909.75 a ton. RSI 54.
-- Nickel rose 0.7 percent to $16,210 a ton. RSI 46.
-- Tin advanced 0.5 percent to $18,900 a ton. RSI 47.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   82.911           -0.2            3.4
Crude oil           $90.56            0.8           -8.4
Gold                $1,579.02         0.4            1.0
MSCI World Index    1,242.43          0.3            5.1
Economic events:
                                    Forecast    Prior     Time
                                                        (London)
U.S. Initial Jobless Claims   JUL 14   365K      350K     13:30
U.S. Philadephia Fed.         JUL      -8.0     -16.6     15:00
U.S. Existing Home Sales      JUN      4.62M     4.55M    15:00
U.S. Leading Indicators       JUN      -0.1%     0.3%     15:00

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