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Copper Gains in London Before U.S. Factory Output: LME Preview

Oct. 16 (Bloomberg) -- Copper gained in London before the U.S. industrial production report that economists say will show a rebound for September.

Market News:

-- Spanish Prime Minister Mariano Rajoy’s equivocation on seeking a European bailout amounts to a bet that another bout of market turmoil will enable him to broker better terms over German resistance. {NSN MBYYQB6JTSES <go>}

-- Asian stocks gained the most in almost three weeks and the Japanese yen weakened after U.S. retail sales beat economist estimates. Wheat climbed, while the New Zealand dollar dropped after data showed inflation slowed. {NSN MBZ00T6JTSE8 <go>}

-- Standard & Poor’s cut its credit ratings on Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s largest lenders, along with nine other banks after lowering the country’s sovereign rating. {NSN MBYXJG6S9734 <go>}

-- Greek Prime Minister Antonis Samaras will pitch for an additional two years to meet budget-deficit targets at a meeting this week with his European Union counterparts, emboldened by German backing and a rally in bonds. {NSN MBY92F1A1I4H <go>}

Metals News:

-- Freeport-McMoRan Copper & Gold Inc., the biggest publicly traded copper producer, said demand in China is being sustained even amid concerns that purchases by the second-largest economy may be slowing. {NSN MBYGGH6JTSF8 <go>}

-- Goldman Sachs Group Inc. lowered its 2013 iron ore price forecast to $140 a ton from $155 a ton, citing subdued demand. {nsn MBYJYU6JTSF2 <GO>}

-- Rio Tinto Group, the world’s second-biggest mining company, rejected a renewed request by Mongolia to renegotiate a 2009 deal over a $6.2 billion mine that Rio plans to start next year. {NSN MBYK250YHQ0X <go>}

-- Rio Tinto Group’s third quarter mined copper output was 132,000 tons, below the 140,000 tons forecast by three analysts. {nsn MBYWLF6S972Q <GO>}

-- Steel futures in Shanghai climbed, reversing an earlier decline, on speculation demand may increase in China, the largest consumer and producer. {NSN MBYX6D0YHQ0X <go>}

Metals Prices:


-- Copper rose 0.9 percent to $8,168 a metric ton at 7:14
a.m. on the London Metal Exchange. Relative strength index 52.
-- Aluminum gained 0.9 percent to $1,980 a ton. RSI 39.
-- Nickel advanced 0.6 percent at $17,205 a ton. RSI 43.
-- Lead climbed 0.8 percent to $2,123.25 a ton. RSI 39.
-- Tin was up 0.5 percent at $21,195 a ton. RSI 49.
-- Zinc rose 0.9 percent to $1,932 a ton. RSI 36.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.68           -0.1       -0.6
Crude Oil            $91.87            0.1       -7.0
Gold              $1,737.40            0.0       11.1
MSCI World Index   1,314.96            0.2       11.2

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)
EC Euro-Zone CPI                      0.7%        0.4%    10:00
GE Zew Survey (Econ. Sentiment)      -14.9      -18.2     10:00
EC Zew Survey (Econ. Sentiment)        --        -3.8     10:00
US Consumer Price Index               0.5%        0.6%    13:30
US Industrial Production              0.2%       -1.2%    14:15
US Capacity Utilization              78.3%       78.2%    14:15

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@abloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter@bloomberg.net

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