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Copper Climbs in London After China’s Services Data: LME Preview

Jan. 3 (Bloomberg) -- Copper climbed in London after a report on China’s services added to evidence of economic growth in the world’s largest consumer of the metal.

Market News:

-- Incoming President Xi Jinping may find China’s investment-driven economic recovery in the Year of the Snake jeopardized by mounting risks in the finance industry. {NSN MG16A607SXKW <go>}

-- Asian stocks outside of Japan rose to a 17-month high and U.K. index futures advanced as expansion in China’s services industries and U.S. manufacturing fueled optimism the global economic recovery will accelerate. The yen strengthened and oil retreated. {NSN MG1DFY6JIJUQ <go>}

-- China’s services industries expanded at the fastest pace in four months, adding to manufacturing gains that may help sustain an economic rebound this year. {NSN MG0ZJ86K50Y0 <go>}

-- Japan’s Finance Minister Taro Aso met with Myanmar’s president and senior officials today in a sign the nation plans to tap a market of 64 million people that has been dominated by China. {NSN MG16OG6K50XV <go>}

Metals News:

-- Tin may rally about 12 percent this quarter to $27,300 a metric ton, the highest price since August 2011, according to technical analysis from Trading Central SA. {NSN MG1FXR1A74E9 <go>}

-- The $1.1-billion purchase of a stake in ArcelorMittal’s Canadian iron-ore unit by China Steel Corp. and Posco increased interest in Canada’s ability to meet Asian demand for the steelmaking raw material. {NSN MG115L6K50YN <go>}

-- Jonathan Barratt, chief executive officer of Barratt’s Bulletin, a commodity newsletter in Sydney, talks about the outlook for the oil, metals and agricultural commodities. {NSN MG17E61A1I4H <go>}

- Manappuram Finance Ltd. surged the most in more than two years and Muthoot Finance Ltd. rallied to a record after a central bank report eased uncertainty about Indian gold-loan companies’ business. {NSN MG1FB66TTDSE <go>}

Metals Prices:

-- Copper climbed 0.1 percent to $8,220 a metric ton at 7:44
a.m. on the London Metal Exchange. Relative strength index 65.
-- Aluminum added 0.8 percent to $2,179 a ton. RSI 68.
-- Nickel rose 0.9 percent to $17,864 a ton. RSI 61.
-- Lead advanced 1.7 percent to $2,471.75 a ton. RSI 76.
-- Tin was down 0.2 percent at $24,400 a ton. RSI 78.
-- Zinc gained 1.8 percent to $2,178 a ton. RSI 70.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.98            0.2        0.3
Crude Oil            $92.92           -0.2        1.2
Gold              $1,687.45            0.0        0.7
MSCI World Index   1,365.24           -0.2        2.0

Economic Events:
                                    Survey    Prior      Time

UK PMI Construction                  49.5     49.3      09:30
US MBA Mortgage Applications         --       --        12:00
US ADP Employment Change            140K     118K       13:15
US Initial Jobless Claims           360K     350K       13:30
US Total Vehicle Sales              15.3M    15.46M     22:00

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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