Copper Declines on European Crisis Concern: LME Preview

Copper declined in London on concerns over the progress in solving Europe’s debt crisis before a meeting between German Chancellor Angela Merkel and Greek Prime Minister Antonis Samaras.

Market News:

-- European equity futures retreated and Asian stocks fell, heading for the first weekly loss in a month, after

-- HSBC Holdings Plc, which is under investigation by U.S.

-- German Chancellor Angela Merkel said she and French President

-- Orders for U.S. durable goods probably rose in July by the

-- Reserve Bank of Australia Governor Glenn Stevens said policy

-- Half an hour before a bond auction last month, Spanish Budget Minister Cristobal Montoro told lawmakers that the country was

-- Gold traders are the most bullish in nine months after

Metals News:

-- Global copper demand will increase 5 percent and prices of

-- Iron ore fell below $100 for the first time since 2009 on

Metal Prices:

-- Copper fell 0.8 percent to $7,619.75 a metric ton by 8:16
a.m. on the London Metal Exchange. Relative Strength Index 55.
-- Aluminum declined 1 percent to $1,886 a ton. RSI 51.
-- Zinc dropped 1.3 percent to $1,838 a ton. RSI 51.
-- Lead fell 0.8 percent to $1,937 a ton. RSI 57.
-- Nickel declined 1.3 percent to $16,265 a ton. RSI 58.
-- Tin dropped 0.8 percent to $19,750 a ton. RSI 66.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   81.493            0.2            1.6
Crude oil           $95.60           -0.7           -3.3
Gold                $1,663.15         0.5            6.4
MSCI World Index    1,282.78         -0.3            8.4
Economic events:
                                    Forecast    Prior     Time
U.K. GDP QoQ                  2Q      -0.5%      -0.7%     9:30
U.S. Durable Goods Orders     JUL      2.5%       1.3%    13:30


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