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

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:

-- Asian stocks rose for a seventh day and oil advanced before a

-- A decision by the Federal Reserve to expand its bond buying

-- Among nations with unblemished credit ratings, Singapore’s

-- Australia’s trade deficit widened less than economists

-- China’s growth rebound, forecast to have gathered pace in

-- The term “fiscal cliff,” the common phrase describing more than $600 billion of U.S. tax increases and spending cuts

-- The International Monetary Fund overemphasized the risks posed by countries amassing reserve assets, the fund’s internal

Metals News:

-- Industrial and precious metals may gain in the short term on

-- Nickel, this year’s worst performer on the London Metal

-- Storm Bopha headed toward southern China and Vietnam after

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
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

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