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Copper Falls Before German Industrial Output: LME Preview

Copper declined in London before data that economists said will show industrial production dropped in Germany, stoking concern Europe’s debt crisis is hurting the region’s biggest economy and the outlook for metals demand.

Market News:

-- Most Asian stocks advanced amid speculation central banks

-- Standard Chartered Plc might be asked to pay as much as $700 million to resolve money-laundering allegations filed by New

-- Greece’s credit rating may be cut again by Standard & Poor’s

-- Japan posted a bigger-than-estimated current-account surplus

-- A stagnation in electricity output that fanned speculation

Metals News:

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

-- Mitsui Mining & Smelting Co., the biggest maker of copper foil used in smartphones, jumped the most in more than three

-- Codelco will study the feasibility of a $4.5 billion

-- Copper traders moved $839 million of copper into warehouses

-- Rio Tinto Group said a “significant portion” of aluminum

Metal Prices:

-- Copper fell 0.7 percent to $7,528 a metric ton by 7:31
a.m. on the London Metal Exchange. Relative Strength Index 50.
-- Aluminum declined 0.7 percent to $1,896 a ton. RSI 50.
-- Zinc dropped 1 percent to $1,854.75 a ton. RSI 51.
-- Lead fell 0.6 percent to $1,897 a ton. RSI 51.
-- Nickel declined 0.4 percent to $15,680 a ton. RSI 44.
-- Tin dropped 1.3 percent to $18,025 a ton. RSI 46.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   82.343            0.2            2.7
Crude oil           $93.24           -0.5           -5.7
Gold                $1,608.60        -0.2            2.9
MSCI World Index    1,275.88         -0.0            7.9
Economic events:
                                    Forecast    Prior     Time
Germany Industrial Production MoM JUN  -0.8%     1.6%     11:00
U.S. MBA Mortgage Applications    AUG 3  --      0.2%     12:00


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