Copper Falls After China Manufacturing Data: LME Preview

Copper declined, extending last month’s drop, after manufacturing in China expanded at the slowest pace in eight months, reducing demand for industrial metals from the world’s biggest consumer.

Market News:

-- China’s manufacturing teetered on the edge of contraction in

-- European stock-index futures declined amid further signs of slowing global economic growth as China’s manufacturing expanded

-- For the first time in more than two years, commodities, equities, bonds and the dollar posted gains, as the U.S. drought

-- Mario Draghi defied his own staff at his first meeting as European Central Bank president and voted to cut interest rates.

-- U.S. Treasury Secretary Timothy F. Geithner called on

-- Societe Generale SA, France’s second-largest bank, said

Metals News:

-- BHP Billiton Ltd., the world’s biggest mining company, said

-- Rio Tinto Group said it is executing a program of reducing

Metal Prices:

-- Copper fell 0.2 percent to $7,544 a metric ton by 7:50
a.m. on the London Metal Exchange. Relative Strength Index 49.
-- Aluminum declined 0.1 percent to $1,887.50 a ton. RSI 46.
-- Zinc dropped 0.2 percent to $1,838.75 a ton. RSI 48.
-- Lead gained 0.1 percent to $1,922.75 a ton. RSI 55.
-- Nickel was little-changed at $15,867 a ton. RSI 44.
-- Tin dropped 0.6 percent to $17,998 a ton. RSI 42.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   82.599           -0.0            3.0
Crude oil           $88.04           -0.0          -10.9
Gold                $1,616.02         0.1            3.3
MSCI World Index    1,249.41         -0.1            5.7
Economic events:
                                    Forecast    Prior     Time
                                                        (London)
France PMI Manufacturing       JUL    43.6       43.6      8:50
Germany PMI Manufacturing      JUL    43.3       43.3      8:55
EC PMI Manufacturing           JUL    44.1       44.1      9:00
U.S. MBA Mortgage Applications JUL 27  --        0.9%     12:00
U.S. ISM Manufacturing         JUL    50.2       49.7     15:00
U.S. FOMC Rate Decision               0.25%      0.25%    19:15
U.S. Total Vehicle Sales       JUL    14.00M     14.05M   22:00

*T

Before it's here, it's on the Bloomberg Terminal. LEARN MORE