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Copper Extends Gains in London After China’s Output: LME Preview

Nov. 1 (Bloomberg) -- Copper climbed for a third day in London after manufacturing output expanded last month in China, the world’s largest buyer of industrial metals.

Market News:

-- China’s manufacturing expanded for the first time in three months as output and new orders climbed, adding to signs growth in the world’s second-biggest economy is rebounding after a seven-quarter slowdown. {NSN MCSNIS0D9L35 <go>}

-- London’s attempt to maintain its financial muscle while boycotting Europe’s move toward a banking union risks isolating the city from its major trading partners and undermining its status as the world’s top money center. {NSN MCS2GR1A74E9 <go>}

-- Sharp Corp., the Japanese TV maker that mortgaged its headquarters to help refinance debt, increased its full-year loss forecast amid falling demand for TVs and display panels used in smartphones and tablet computers. {NSN MCSQ7H1A74E9 <go>}

-- New York City struggled back to its feet from superstorm Sandy, restoring pieces of mass transit and a full slate of Broadway shows amid epic traffic jams, widespread blackouts and swarms of marooned residents. {NSN MCSPU06S9728 <go>}

-- Chinese stocks rose the most in three weeks after the nation’s manufacturing expanded for the first time since July, while Asian consumer shares dropped as Panasonic Corp. forecast a $9.6 billion loss. The yen weakened and copper advanced. {NSN MCSJRJ6TTDUI <go>}

-- Slumping energy and metal prices sent commodities to their biggest monthly loss since May, lagging behind stocks, bonds and the dollar, as the global economy grew at the slowest pace since the 2009 recession. {NSN MCSQ3Y6TTDSZ <go>}

Metals News:

-- Copper may decline about 10 percent during the next three months as the economic slowdown in China, the world’s biggest industrial-metal user, curbs demand, according to Threadneedle Investments. {NSN MCSIR21A74E9 <go>}

-- Glencore International Plc said it’s not assuming any short term material improvement in global macro conditions. {nsn MCSRWK6JIJZG <GO>}

-- Steel reinforcement-bar futures advanced for a third day after data showed that China’s manufacturing expanded for the first time in three months, signaling a pickup in demand from makers of cars and machinery. {NSN MCSL1D6TTDSB <go>}

Metals Prices:


-- Copper rose 0.6 percent to $7,806.50 a metric ton at 7:18
a.m. on the London Metal Exchange. Relative strength index 40.
-- Aluminum climbed 0.5 percent to $1,915.50 a ton. RSI 36.
-- Nickel gained 0.8 percent at $16,331 a ton. RSI 39.
-- Lead was up 0.8 percent at $2,079.25 a ton. RSI 45.
-- Tin rose 0.4 percent to $20,001 a ton. RSI 41.
-- Zinc advanced 0.2 percent to $1,873 a ton. RSI 40.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.94            0.0       -0.3
Crude Oil            $86.41            0.2      -12.6
Gold              $1,722.02            0.1       10.1
MSCI World Index   1,301.10            0.0       10.0

Economic Events:
                                    Forecast   Prior    Time
                                                       (London)
UK PMI Manufacturing                 48.0      48.4     09:30
US ADP Employment Change            135.0K     88.2K    12:15
US Initial Jobless Claims           370K      369K      12:30
US Consumer Confidence               73.0      70.3     14:00
US ISM Manufacturing                 51.0      51.5     14:00
US Construction Spending              0.7%     -0.6%    14:00
US Total Vehicle Sales               14.9M     14.88M   21:00

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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