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Copper Advances in New York Before U.S. Home Sales: LME Preview

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Dec. 27 (Bloomberg) -- Copper futures rose for a second day in New York before a U.S. government report on new home sales that economists said probably rose in November to the highest level in more than two years.

Market News:

-- Asian stocks rose for a third day and the yen dropped to a 27-month low on speculation Japan will step up stimulus to support growth in the world’s third-largest economy. Metals climbed in London after a two-day holiday. {NSN MFOEVL6JTSEB <go>}

-- China’s economic rebound is uneven, with improvements in retailing, real estate and mining countered by rising inventories and lower corporate borrowing, according to a report modeled on the U.S. Federal Reserve’s Beige Book. {NSN MFMPS26K50XX <go>}

-- Chinese industrial companies’ profits rose for a third month in November, supporting a rebound in economic growth that may ease the transition to the nation’s new leadership. {NSN MFO8MY6S972F <go>}

-- The Philippines intensified efforts to contain a surging peso, joining South Korea in clamping down on currency forward positions as monetary stimulus in the world’s biggest developed economies spurs capital flows to Asia. {NSN MFO92Z1A1I4H <go>}

-- South Korea lowered its growth forecasts for this year and for 2013 in the first revisions since a new president was elected on Dec. 19. {NSN MFOBTH6S972C <go>}

-- Mitch McConnell, the Senate minority leader who has stayed largely outside the U.S. budget fight this year, will be thrust into prominence just five days before the deadline for tax increases and spending cuts. {NSN MFO5MW6K5108 <go>}

-- The first customers Michael Guarino saw after superstorm Sandy asked to cancel orders for furniture no longer needed in their damaged homes, threatening the survival of a business his family opened three generations ago. {NSN MFNL0W6K5114 <go>}

Metals News:

-- Iron ore is rallying the most in about two years as analysts predict that China, the biggest buyer, will import a record amount in 2013 as its accelerating economic growth spurs demand for steel. {NSN MFOAUH0YHQ0X <go>}

-- Japan’s shipments of rolled-aluminum products declined 7 percent in November, the first drop in two months, as demand weakened from automakers and builders. {NSN MFO8PP0D9L35 <go>}

-- Steel reinforcement-bar futures climbed to the highest level in more than five months on expectations that China’s investments in railways and urbanization will boost demand for the construction material. {NSN MFO8Q507SXKX <go>}

-- The record glut in aluminum will be no bar to rising prices because of delays in getting metal from warehouses, even as Barclays Plc advises investors to sell and Morgan Stanley says it has the worst outlook of any commodity. {NSN MFNNE06TTDTN <go>}

Metals Prices:


-- Copper rose 1.6 percent to $7,932 a metric ton at 7:23 a.m.
on the London Metal Exchange. Relative strength index 50. New
York futures were up 0.3 percent on the Comex.
-- Aluminum added 0.9 percent to $2,094.75 a ton. RSI 56.
-- Nickel advanced 0.7 percent to $17,417 a ton. RSI 52.
-- Lead gained 0.2 percent to $2,325.75 a ton. RSI 63.
-- Tin was up 0.5 percent at $23,400 a ton. RSI 71.
-- Zinc climbed 1.2 percent to $2,092.75 a ton. RSI 64.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.56           -0.1       -0.8
Crude Oil            $91.13            0.2       -7.8
Gold              $1,656.75           -0.2        6.0
MSCI World Index   1,337.41            0.1       13.1

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
IT Business Confidence                88.8      88.5    09:00
US Jobless Claims                    360K      361K     13:30
US Consumer Confidence                70.0      73.7    15:00
US New Home Sales                      3.3%     -0.3%   15:00
JN Industrial Production              -0.5%      1.6%   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 ccarpenter2@bloomberg.net

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