Copper Down as Europe Crisis May Curb Demand: LME Preview

Copper fell for the first time in three days before reports that may show economies in Europe are slowing, dimming the outlook for industrial metals demand, and ahead of China’s factory output and inflation data.

Market News:

-- Standard Chartered Plc conducted $250 billion of transactions with Iranian banks over seven years in violation of federal

-- Asian stocks rose to a three-month high after Germany backed

-- Australia’s central bank kept interest rates unchanged at a

-- Hedge funds including MKP Capital Management LLC posted gains

Metals News:

-- The cheapest iron ore in 31 months and the lowest shipping

-- China, which supplies 90 percent of the world’s rare earths,

Metal Prices:

-- Copper fell 0.4 percent to $7,464 a metric ton by 7:29
a.m. on the London Metal Exchange. Relative Strength Index 47.
-- Aluminum declined 0.3 percent to $1,872.75 a ton. RSI 45.
-- Zinc dropped 0.5 percent to $1,839.75 a ton. RSI 49.
-- Lead fell 0.5 percent to $1,881 a ton. RSI 49.
-- Nickel declined 0.9 percent to $15,660 a ton. RSI 44.
-- Tin was down 0.8 percent at $17,701 a ton. RSI 41.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   82.344            0.1            2.7
Crude oil           $91.89           -0.3           -7.0
Gold                $1,610.80         0.0            3.0
MSCI World Index    1,268.38          0.0            7.3
Economic events:
                                    Forecast    Prior     Time
                                                        (London)
Italy Industrial Production MoM  JUN  -1.0%      0.8%     9:00
UK Industrial Production MoM     JUN  -3.5%      1.0%     9:30
Germany Factory Orders MoM       JUN  -0.8%      0.6%    11:00

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