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Copper Gains in London Before China’s Production: LME Preview

Dec. 7 (Bloomberg) -- Copper advanced in London on prospects for growth in industrial production in China, the world’s largest buyer of industrial metals. China’s National Bureau of Statistics on Dec. 9 will report a 9.8 percent gain in November industrial production from a year earlier, up from a 9.6 percent gain in October, according to the median estimate of analysts surveyed by Bloomberg News.

Market News:

-- Employment probably slowed in November as the damage wreaked by superstorm Sandy set the U.S. labor market back, economists said before a report today. {NSN MEMO430YHQ0X <go>}

-- Asian stocks rose for a seventh day and oil advanced before a monthly U.S. jobs report and data this weekend on Chinese industrial production. The yen weakened on bets the Bank of Japan will ease monetary policy. {NSN MENBYR6JTSEN <go>}

-- A decision by the Federal Reserve to expand its bond buying next week is likely to prompt policy makers to rewrite their 18-month old blueprint for an exit from record monetary stimulus. {NSN MEMU2907SXKX <go>}

-- Among nations with unblemished credit ratings, Singapore’s currency has the best volatility-adjusted return, burnishing its haven status as the yen and U.S. dollar lose value. {NSN MENAOF6JTSES <go>}

-- Australia’s trade deficit widened less than economists predicted in October as exports withstood a slower global economy and capital goods purchases increased. {NSN MEMYBM6KLVRU <go>}

-- China’s growth rebound, forecast to have gathered pace in November, is bypassing smaller businesses in a sign the government may need to step up policy support to secure a more broad-based recovery. {NSN MEN0D70D9L35 <go>}

-- The term “fiscal cliff,” the common phrase describing more than $600 billion of U.S. tax increases and spending cuts scheduled to take effect in January, is a catchy metaphor that imperfectly describes the economic reality. {NSN MEMUNG6VDKHS <go>}

-- The International Monetary Fund overemphasized the risks posed by countries amassing reserve assets, the fund’s internal auditor said in a report that may embolden economies such as China and South Korea that are accumulating foreign currencies. {NSN MEN9300UQVI9 <go>}

-- China’s economic forecasts are here: {NSN MELQTV0UQVI9 <GO>}

Metals News:

-- Industrial and precious metals may gain in the short term on prospects of more quantitative easing by the U.S. Federal Reserve’s Federal Open Market Committee next week, Deutsche Bank AG said. {NSN MENGYQ6KLVRI <go>}

-- Steel reinforcement-bar futures advanced, set for the biggest weekly increase in almost three months, as a strengthening Chinese economy may boost demand. {NSN MEN8IF6S972V <go>}

-- Nickel, this year’s worst performer on the London Metal Exchange, may climb to $18,920 a metric ton in the next three weeks after breaking above the 200-day moving average, according to technical analysis by Commerzbank AG. {NSN MEN5EA0D9L35 <go>}

-- Lundin Mining Corp. forecasts copper production of between 100,000 tons and 110,000 tons per year between 2013 and 2015. {nsn MENDRO6S972B <GO>}

-- Storm Bopha headed toward southern China and Vietnam after killing at least 418 people in the Philippines, the deadliest cyclone to hit the southeast Asian nation this year. {NSN MEN7LB6KLVRA <go>}

Metals Prices:


-- Copper rose 0.1 percent to $8,008.50 a metric ton at 7:40
a.m. on the London Metal Exchange. Relative strength index 62.
-- Aluminum advanced 0.1 percent to $2,091 a ton. RSI 64.
-- Nickel slipped 0.2 percent to $17,171 a ton. RSI 57.
-- Lead declined 0.4 percent to $2,205 a ton. RSI 53.
-- Tin was down 0.6 percent at $21,760 a ton. RSI 63.
-- Zinc gained 0.1 percent to $2,026 a ton. RSI 63.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     80.28            0.1        0.1
Crude Oil            $86.55            0.3      -12.4
Gold              $1,702.59            0.2        8.9
MSCI World Index   1,318.98           -0.1       11.5

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
UK Industrial Production             0.8%     -1.7%      09:30
GE Industrial Production             0.0%     -1.8%      11:00
US Change in Nonfarm Payrolls       85K      171K        13:30
US Change in Manuf. Payrolls         -3K      13K        13:30
US Unemployment Rate                 7.9%      7.9%      13:30
US U. of Michigan Confidence        82.0      82.7       14:55

On DEC. 9:
CHINA Consumer Price Index           2.1%      1.7%      01:30
CHINA Industrial Production          9.8%      9.6%      05:30
CHINA Fixed Assets Inv.             20.9%     20.7%      05:30
CHINA Retail Sales                  14.6%     14.5%      05:30

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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