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Copper Advances for Second Day as Hedge Funds Buy: LME Preview

Dec. 24 (Bloomberg) -- Copper rose for a second day in London as hedge fund boosted bullish bets on New York futures to the most since August 2011.

Market News:

-- U.S. stock futures declined and oil headed toward the lowest close in a week amid speculation American lawmakers will miss a year-end budget deadline. The yen weakened as Japan’s incoming pro-stimulus prime minister said he may change rules governing the central bank. {NSN MFIV196K50YB <go>}

-- China said it will better protect farmers’ land rights and boost rural incomes and public services to help narrow the divide with urban areas. {NSN MFIV511A1I4H <go>}

-- Supplies of cash in China are the most plentiful in three years in the run-up to public holidays, after policy makers told the central bank to ensure companies have enough funds to support economic growth. {NSN MFIV1P6JIJV0 <go>}

-- Lawmakers said they were losing confidence that Congress and President Barack Obama can reach a deal within a week to avoid more than $600 billion in tax increases and spending cuts that could cause a U.S. recession. {NSN MFIEN31A74E9 <go>}

-- A cold front brought temperatures of minus 40 degrees Celsius (minus 40 degrees Fahrenheit) to northern China, as officials urged cities to conserve heating and two tourists died after they were stranded on a mountain. {NSN MFIHZP6TTDS9 <go>}

-- Investors cut bullish commodity bets to the lowest in almost six months as U.S. budget talks stalled, increasing concern that lawmakers’ failure to reach an agreement with push the world’s biggest economy back into a recession. {NSN MFINCH1A74E9 <go>}

-- U.K. house prices fell for a sixth month in December and the decline will extend into 2013 as Britons’ reluctance to borrow weighs on property demand, Hometrack Ltd. said. {NSN MFE2MA6K50YV <go>}

Metals News:

-- The Securities & Exchange Commission delayed a decision to approve or disapprove BlackRock Inc.’s proposed copper exchange-traded fund, from today to Feb. 22. {NSN MFIVPC6JIJUY <go>}

-- Xstrata Plc, the world’s fourth-largest copper producer, estimated it will cost $5.6 billion to develop the Frieda River copper and gold project in Papua New Guinea, according to its partner. {NSN MFIT4D6S972B <go>}

-- Steel reinforcement-bar futures dropped on concern that cold weather across northern China will slow construction and reduce demand for the building material. {NSN MFIMIO0D9L35 <go>}

Metals Prices:


-- Copper climbed 0.3 percent to $7,854 a metric ton at 7:37
a.m. on the London Metal Exchange. Relative strength index 46.
-- Aluminum gained 0.3 percent to $2,088.75 a ton. RSI 55.
-- Nickel was unchanged at $17,350 a ton. RSI 52.
-- Lead dropped 0.4 percent to $2,296.25 a ton. RSI 58.
-- Tin was down 0.3 percent at $23,148 a ton. RSI 67.
-- Zinc fell 0.1 percent to $2,080 a ton. RSI 63.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.57           -0.1       -0.8
Crude Oil            $88.53           -0.1      -10.4
Gold              $1,661.18            0.3        6.3
MSCI World Index   1,340.99            0.0       13.4

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
JN Corp Service Price Index         -0.6%     -0.7%      23:50

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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