Copper Gains as China May Buy Europe's Bonds: LME Preview

Copper rose for the first session in four days in London after Chinese Premier Wen Jiabao underlined that China is willing to invest in Europe’s bond market, potentially easing the region’s debt crisis and improving the outlook for metals demand. The euro gained.

Market News:

-- Asian stocks fell, wiping out this month’s gains, the won weakened and Australian 10-year notes rallied for the longest stretch since at least 1990 as concern mounted that global

-- Chinese Premier Wen Jiabao told visiting German Chancellor

-- Barclays Plc named Antony Jenkins as its chief executive

-- Countering arguments made by the German economics establishment since before the introduction of the euro,

-- Premier Wen Jiabao reiterates that China is willing to invest

-- Heavy rain spreading inland from Tropical Storm Isaac forced

Metals News:

-- Copper consumption in China, the world’s biggest user, is

-- China’s iron ore output probably fell about 10 percent in

Metal Prices:

-- Copper rose 0.5 percent to $7,613.75 a metric ton by 8:27
a.m. on the London Metal Exchange. Relative Strength Index 54.
-- Aluminum declined 0.2 percent to $1,889.75 a ton. RSI 51.
-- Zinc gained 0.2 percent to $1,859.25 a ton. RSI 55.
-- Lead fell 0.5 percent to $1,967 a ton. RSI 61.
-- Nickel gained 0.1 percent to $16,315 a ton. RSI 58.
-- Tin dropped 0.9 percent to $19,450 a ton. RSI 56.
Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   81.454           -0.1            1.6
Crude oil           $95.27           -0.2           -3.6
Gold                $1,659.20         0.2            6.1
MSCI World Index    1,282.05         -0.1            8.4
Economic events:
                                     Forecast    Prior     Time
                                                        (London)
Germany Unemployment Change (000s) AUG   7K        7K      8:55
Euro-zone Consumer Confidence      AUG  -24.6     -24.6   10:00
U.S. Personal Income               JUL   0.3%      0.5%   13:30
U.S. Personal Spending             JUL   0.5%      0.0%   13:30
U.S. Initial Jobless Claims      AUG 25  370K      372K   13:30

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