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Copper Ends Selloff in London Before Durable Goods: LME Preview

Dec. 21 (Bloomberg) -- Copper rose in London, ending the longest selloff in 10 months, before U.S. reports on personal spending, durable goods orders and consumer confidence that economists say will show gains.

Market News:

-- U.S. index futures slumped, Asian shares declined the most in five weeks and the yen strengthened after House Republican leaders scrapped a plan to allow higher taxes amid stalled budget talks. Treasuries gained and commodities fell. {NSN MFD9ZO6K50Y1 <go>}

-- South Korea may get a growth boost next year as incoming president Park Geun Hye abandons fiscal restraint and increases spending on welfare. {NSN MFD10C6KLVR5 <go>}

-- House Speaker John Boehner scrapped a plan to allow higher tax rates on annual income above $1 million, yielding to anti-tax resistance within his own party and throwing already-stalled budget talks deeper into turmoil. {NSN MFD4EP6TTDTI <go>}

-- In 2001, power company executive Jeffrey Sprecher wandered the exhibits of the futures-trading industry’s annual convention in Boca Raton, Florida with an idea nobody wanted to hear. {NSN MFCS461A74E9 <go>}

-- China’s swap market is the most bullish on the world’s second-largest economy in 18 months amid signs of a rebound from a seven-quarter slowdown. {NSN MFD5IX6S972E <go>}

-- Standard & Poor’s cut Cyprus’s long-term debt rating for the third time in five months, citing a rising risk of default as the government’s short-term financing is “increasingly vulnerable.” {NSN MFD0DW6TTDT9 <go>}

-- Caterpillar Inc., Komatsu Ltd. and other construction-equipment makers have built enough capacity in China to satisfy global demand twice over while sales in the country are falling, according to a research company. {NSN MFD5ST6JIJUR <go>}

-- The economic health of 27 U.S. states showed signs of improvement as a four-year high in industrial production spurred gains in the so-called Rust Belt region, where manufacturing accounts for a larger share of jobs. {NSN MFD11N6TTDTJ <go>}

Metals News:

-- Copper traders are bearish for the first time in 10 weeks after stockpiles surged, at a time when hedge funds are making their biggest bullish bet in two months because of mounting confidence economic growth will accelerate. {NSN MFD6VN0YHQ0X <go>}

-- China’s nickel ore imports from Indonesia rose to 4.1m tons in Nov., the highest since Bloomberg started to compile the data in 2008, according to the General Administration of Customs. {nsn MFDC046JIJUR <GO>}

-- Mitsubishi will establish a global metals trading headquarters in Singapore, according to a statement on its website today. {nsn MFDAUH6K50ZD <GO>}

-- Steel reinforcement-bar futures dropped for a third day on concern that a surge in the production of the crude raw material in China, the biggest producer, may outpace demand. {NSN MFD7JP0D9L35 <go>}

-- Xstrata Zinc plans to increase ore production by a further 33% to 1.6 mtpa at its high-grade Lady Loretta mine in north-west Queensland, Australia, co. says in e-mailed statement. {nsn MFCU6T6K50Z2 <GO>}

-- Refined copper imports by China were 250,666 metric tons in November, the General Administration of Customs said in an e-mailed statement today. {nsn MFDA8X6JIJV1 <GO>}

-- A global aluminum surplus may expand 22 percent next year, led by production expansion in China, the Middle East and India, trading company Marubeni Corp. said. {NSN MFD4PQ0YHQ0X <go>}

-- ArcelorMittal to write down goodwill in European businesses by ~$4.3b, following completion of annual goodwill impairment test. {nsn MFDD306JIJUT <GO>}

Metals Prices:


-- Copper climbed 0.7 percent to $7,823 a metric ton at 7:46
a.m. on the London Metal Exchange. Relative strength index 44.
-- Aluminum gained 0.2 percent to $2,064.50 a ton. RSI 51.
-- Nickel slipped 0.7 percent to $17,457 a ton. RSI 54.
-- Lead dropped 0.5 percent to $2,314.25 a ton. RSI 62.
-- Tin was up 0.3 percent at $23,393 a ton. RSI 72
-- Zinc fell 0.3 percent to $2,064.50 a ton. RSI 59.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.37            0.1       -1.0
Crude Oil            $89.33           -0.9       -9.6
Gold              $1,645.85           -0.1        5.3
MSCI World Index   1,350.47           -0.1       14.2

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
UK GDP                               1.0%      1.0%     09:30
US Personal Spending                 0.4%     -0.2%     13:30
US Personal Income                   0.3%      0.0%     13:30
US Durable Goods Orders              0.3%      0.5%     13:30
US U. of Michigan Confidence        75.0      74.5      14:55

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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