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Copper Has Longest Decline in London Since February: LME Preview

Dec. 20 (Bloomberg) -- Copper fell for a sixth day in London, the longest streak since Feb. 17, as rebounding stockpiles, prospects of slower growth in China and stalled U.S. budget talks curbed demand.

Market News:

-- A leading index for China’s economy rose at a slower pace in November, signaling limits on a growth rebound in the world’s second-biggest economy. {NSN MFB5JA6TTDTD <go>}

-- IntercontinentalExchange Inc., the energy and commodity futures bourse that helped make a hostile bid for NYSE Euronext last year, is now in talks to acquire the owner of the New York Stock Exchange, according to a person with direct knowledge of the matter. {NSN MFB8Y66S972A <go>}

-- The Bank of Japan expanded its asset-purchase program for the third time in four months, and will reconsider its objectives for inflation as incoming Prime Minister Shinzo Abe urges more action to end price declines. {NSN MFBFP06S972D <go>}

-- Currency strategists are the most bullish on the dollar in three months as President Barack Obama and Republicans in Congress seek to avert $600 billion in tax increases and spending cuts set to start on Jan. 1. {NSN MFAUIG6TTDS6 <go>}

-- When Rashmi Deshmukh needed money for her hand-knit clothing business in Mumbai, she couldn’t wait for bank approval. Instead, she put up her wedding jewelry as collateral at a loan-for-gold company to get cash on the spot. {NSN MFAJWS0UQVI9 <go>}

-- Hong Kong’s overheated property market is increasingly disconnected from the rest of the economy and poses “macro-financial risks,” the city’s monetary authority said. {NSN MFB77A6TTDSJ <go>}

-- China’s car sales may rebound as the People’s Bank of China Dec. survey of consumers’ future car-buying intentions shows 15.4% of those interviewed are considering buying cars in next 3 mos., highest in almost 2 yrs, Daiwa analyst Jeff Chung wrote in report dated yesterday. {nsn MFB0JO6JIJWF <GO>}

Metals News:

-- OZ Minerals Ltd., Australia’s third-biggest copper producer, said profit will drop more than 15 percent this year, with higher costs and lower production continuing into next year. {NSN MFB0P66JIJWM <go>}

-- Silver Bullion Pte, one of Singapore’s largest suppliers of coins and bars to retail investors, says sales tripled since October, part of a global surge in demand that drove holdings to a record. {NSN MFBE1O1A1I4H <go>}

-- Japan’s copper wire and cable shipments rose 3.1 percent in November, gaining for the first time in three months as construction demand increased, an industry group said. {NSN MFB9GP0YHQ0X <go>}

-- BHP Billiton Ltd. sold a record $14.2 billion of bonds in 2012 at borrowing costs as low as 1 percent to fund its biggest acquisition and new low-cost mines, even as the commodities boom peaks. {NSN MFB5DM6K50XV <go>}

-- Steel reinforcement-bar futures dropped for a second day after a leading indicator for China’s economy rose at a slower pace, boosting concern that demand growth for the construction material may slow. {NSN MFBBVX0YHQ0X <go>}

Metals Prices:

-- Copper fell 0.5 percent to $7,886 a metric ton at 7:04 a.m.
on the London Metal Exchange. Relative strength index 45.
-- Aluminum declined 0.1 percent to $2,082 a ton. RSI 54.
-- Nickel slipped 0.8 percent to $17,605 a ton. RSI 57.
-- Lead dropped 0.6 percent to $2,322 a ton. RSI 63.
-- Tin was down 0.2 percent at $23,450 a ton. RSI 74.
-- Zinc fell 0.9 percent to $2,070.50 a ton. RSI 61.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.35            0.1       -1.0
Crude Oil            $89.53           -0.5       -9.4
Gold              $1,669.20            0.1        6.8
MSCI World Index   1,348.19           -0.1       14.0

Economic Events:
                                    Survey    Prior      Time
UK Retail Sales Ex Auto Fuel         0.4%     -0.7%      09:30
US GDP                               2.8%      2.7%      13:30
US Initial Jobless Claims           360K      343K       13:30
EC Euro-Zone Consumer Confidence    -26.5    -26.9       15:00
US Philadelphia Fed                  -3.0    -10.7       15:00
US Existing Home Sales               4.9M      4.79M     15:00
US Leading Indicators                -0.2%     0.2%      15:00

To contact the reporter on this story: Claudia Carpenter in London at

To contact the editor responsible for this story: Claudia Carpenter at

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