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

Dec. 28 (Bloomberg) -- Copper climbed in London as a report on China’s manufacturing on Dec. 31 may add to evidence of economic growth in the world’s largest consumer of the metal.

The December reading on the purchasing managers’ index released by HSBC Holdings PLC and Markit Economics may be 50.9, up from 50.5 in November, according to the median of 14 economist estimates compiled by Bloomberg.

Market News:

-- Japan’s industrial output tumbled more than forecast to the lowest level since the aftermath of the record 2011 earthquake, bolstering the case for Prime Minister Shinzo Abe to unleash large-scale stimulus. {NSN MFPXGG6KLVRB <go>}

-- The yen weakened to the lowest since August 2010 amid speculation the Bank of Japan will inject more cash. Asian stocks and most commodities advanced as U.S. lawmakers arranged meetings before a budget deadline. {NSN MFQ5B70YHQ0X <go>}

-- President Barack Obama summoned congressional leaders to a White House meeting three days before a year-end deadline to avoid $600 billion in spending cuts and tax increases as lawmakers gave little sign they intend to act together on a budget plan. {NSN MFQ2VP1A74E9 <go>}

-- Concern President Barack Obama and Congress will fail to reach a budget compromise sent prices for one-month U.S. equity options to their highest level in more than a year relative to longer-dated contracts. {NSN MFPPTU6JIJXI <go>}

-- Spain will be alone in asking bond buyers for more cash next year, as five of the euro-region’s six biggest borrowers reduce the amount for sale, according to estimates from Lloyds Banking Group Plc and Morgan Stanley. {NSN MFP5G20D9L37 <go>}

Metals News:

-- Gold traders are the most bullish in four months as U.S. lawmakers near a deadline for budget talks, at a time when hedge funds are cutting bets on higher prices. {NSN MFQ3XN0D9L35 <go>}

-- Steel reinforcement-bar futures were set for the best quarterly performance in two years on optimism that a recovery in the real estate market in China, the biggest user, may boost demand for the product used in construction. {NSN MFQ8A50D9L35 <go>}

-- Indonesia is targeting 2013 tin output of 100,000 tons versus 91,000 tons, according to forecast from Directorate General of Minerals and Coal at the Energy and Mineral Resources Ministry released in Jakarta today. {nsn MFPZXL6KLVR9 <GO>}

Metals Prices:


-- Copper rose 0.4 percent to $7,946.75 a metric ton at 7:43
a.m. on the London Metal Exchange. Relative strength index 51.
-- Aluminum added 0.1 percent to $2,081.25 a ton. RSI 54.
-- Nickel declined 0.2 percent to $17,240 a ton. RSI 49.
-- Lead dropped 0.3 percent to $2,328.25 a ton. RSI 62.
-- Tin was unchanged at $23,400 a ton. RSI 71.
-- Zinc fell 0.5 percent to $2,091.75 a ton. RSI 62.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.65            0.0       -0.7
Crude Oil            $91.30            0.5       -7.6
Gold              $1,662.61           -0.1        6.3
MSCI World Index   1,337.12            0.1       13.1

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
IT PPI                              -0.2%     -0.3%     09:00
US Chicago Purchasing Manager       51.0      50.4      14:45
US Pending Home Sales                1.0%      5.2%     15:00

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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