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Copper Pares Decline in London After China’s Output: LME Preview

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Jan. 24 (Bloomberg) -- Copper trimmed declines in London after a preliminary reading on China’s manufacturing signaled growth, boosting demand for industrial metals.

Market News:

-- China’s manufacturing is expanding at the fastest rate in two years, according to a private survey of companies, bolstering prospects that economic growth will accelerate for a second straight quarter. {NSN MH435K0D9L35 <go>}

-- China’s economic risks have shifted back to growing too quickly as new regional-government officials try to boost development, a former central bank adviser said. {NSN MH303H6S972E <go>}

-- Japan’s exports fell more than analysts forecast and the annual trade deficit swelled to a record, bolstering the case for Prime Minister Shinzo Abe to weaken the yen even as trade tensions mount. {NSN MH44OF6S972U <go>}

-- Barclays Plc, Britain’s second-largest bank, plans to eliminate at least 15 percent of its investment banking positions in Asia, two people with knowledge of the matter said. {NSN MH47YW6TTDS0 <go>}

-- Apple Inc. tumbled after reporting the slowest profit growth since 2003 and weakest sales increase in 14 quarters, as rising 1costs and accelerating competition make it harder to sustain revenue expansion. {NSN MH414J6S972M <go>}

-- Japan’s deputy economy minister said that a yen at 100 to the dollar wouldn’t be a problem, suggesting global criticism may fail to convince Prime Minister Shinzo Abe to temper his campaign to weaken the currency. {NSN MH48YU6S972G <go>}

-- South Korea’s economy expanded less than analysts forecast in the fourth quarter as gains in the won, Asia’s best performing currency of the past six months, threaten to restrain exports in 2013. {NSN MH3S9H6KLVR5 <go>}

-- Federal Reserve Chairman Ben S. Bernanke and his fellow policy makers will probably forge ahead with their unprecedented bond buying when they meet next week, even as they pick up a debate that began in December on when to end the purchases. {NSN MH3OU36TTDUH <go>}

-- Australia’s bonds are the only sovereign debt with three AAA ratings to gain in the past month, as a report showing slower inflation than expected reassured investors their returns won’t be eroded. {NSN MH41T66S972N <go>}

Metals News:

-- The global copper market faces a surplus of the metal that may push down prices toward the end of the year, according to the world’s biggest producer. {NSN MH3CO56JIJUU <go>}

-- China’s copper production was a record high in December. {NS MH3S0G6JTSEI <GO>}

-- Goldman Sachs Group Inc. said it’s too soon to bet on lower nickel prices. {NSN MH4AQ06S972T <go>}

-- Gold will rally this year and into 2014 as U.S. Federal Reserve policy makers will probably maintain asset purchases for two more years to buttress the recovery of the largest economy, according to Morgan Stanley. {NSN MH45CE0D9L35 <go>}

-- Base-metal producers in Japan, the world’s third-largest economy, will face a 12 billion yen ($135 million) cost gain if power companies follow a rate increase by Tokyo Electric Power Co., according to an industry group. {NSN MH49170UQVI9 <go>}

-- Morgan Stanley raised its forecast for iron ore prices this year on expectations that accelerating economic growth in China, the biggest buyer, will boost demand. {NSN MH3VF30YHQ0X <go>}

-- Copper prices will advance 7.6 percent in 2013 from last year as demand in China, the U.S. and even Europe is forecast to rise amid a supply deficit for the metal, according to Morgan Stanley. {NSN MH3YVJ6KLVRE <go>}

-- OZ Minerals Ltd., Australia’s third-biggest copper producer, cut its full-year output target and forecast costs to rise at least 25 percent amid increased removal of mining waste. {NSN MH3QOJ0D9L35 <go>}

Metals Prices:


-- Copper slipped 0.2 percent to $8,087.25 a metric at 7:21 a.m.
on the London Metal Exchange. Relative strength index 54.
-- Aluminum slumped 0.6 percent to $2,062.75 a ton. RSI 48.
-- Nickel fell 0.6 percent to $17,435 a ton. RSI 51.
-- Lead declined 0.7 percent to $2,353.50 a ton. RSI 58.
-- Tin was up 0.2 percent at $24,529 a ton. RSI 60.
-- Zinc dropped 1 percent to $2,065 a ton. RSI 55.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     80.01            0.1        0.3
Crude Oil            $95.45            0.3        4.0
Gold              $1,678.95           -0.4        0.2
MSCI World Index   1,393.93            0.1        4.1

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
EC PMI Manufacturing                 46.6      46.1      09:00
US Initial Jobless Claims           355K      335K       13:30
US Leading Indicators                 0.4%     -0.2%     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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