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Copper Gains in London After China’s Profits Report: LME Preview

Jan. 28 (Bloomberg) -- Copper rose in London as industrial profits gains in China, the world’s largest consumer of industrial metals, added to signs of economic growth.

Market News:

-- Chinese industrial companies’ profits rose for a fourth month in December, adding to signs the country’s economic rebound is gaining momentum. {NSN MHA2H80UQVI9 <go>}

-- The risk of owning sovereign bonds has fallen to a two-year low, setting the stage for more gains by the riskiest government securities as the investors look to a healing world economy. {NSN MHBGK76TTDS4 <go>}

-- Most Asian stocks outside Japan gained with metals as Chinese industrial companies’ profits rose for a fourth month. South Korea’s won fell the most since 2011 and the yen pared losses. {NSN MHBP7A6JTSEC <go>}

-- Chinese companies are spending more than ever to service debt after their borrowing almost tripled over five years, prompting strategists to warn of rising default risk and a threat to economic growth. {NSN MHBFF51A74E9 <go>}

-- North Korean leader Kim Jong Un vowed “high-profile” retaliation against the U.S. and its allies for increasing United Nations sanctions against his regime, building on last week’s pledge to test a nuclear device. {NSN MHBGYY6JTSEI <go>}

-- An earthquake fault line under Japan Atomic Power Co.’s Tsuruga nuclear plant may be active, a report commissioned by the Nuclear Regulation Authority concluded, raising the likelihood it will be permanently shut. {NSN MHBMZX6JTSET <go>}

-- Hedge funds increased bullish commodity bets by the most in six months as accelerating growth from China to the U.S. boosted prices for a seventh week. {NSN MHBEOM0YHQ0W <go>}

Metals News:

-- Codelco is paying the price for two decades of underinvestment in Chile as the state-owned copper producer’s unprecedented $25 billion expansion pushes borrowing costs to an all-time high versus its competitors. {NSN MHB9UO07SXKX <go>}

-- Russian billionaire shareholder Vladimir Potanin sent letter to President Vladimir Putin asking to cancel export duty for OAO Norilsk Nickel. {NSN MHBI5B6JTSEC <GO>}

-- Steel reinforcement-bar futures dropped from the highest level in more than six months on concern that inventories are piling up in China as demand remains weak before the Lunar New Year holiday. {NSN MHBINB6S972F <go>}

-- Russia and Kazakhstan expanded their gold holdings in December, seeking to diversify their reserves as the metal capped a 12th annual advance and investors raised holdings to an all-time high. {NSN MHBLQJ0UQVI9 <go>}

-- Zinc is set to rise in the next few weeks, climbing from a moving average that supports the price of the metal used to rust-proof steel, according to technical analysis by Commerzbank AG. {NSN MHBOL76KLVR5 <go>}

-- India’s gold demand is weak since the govt increased the tax on imports, Bachhraj Bamalwa, chairman of the All India Gems & Jewellery Trade Federation, says in a phone interview. {nsn MHBPRM6S972R <GO>}

Metals Prices:


-- Copper advanced 0.4 percent to $8,059.35 a metric at 7:38
a.m. on the London Metal Exchange. Relative strength index 52.
-- Aluminum climbed 0.4 percent to $2,054 a ton. RSI 47.
-- Nickel was down less than 0.1 percent at $17,375 a ton. RSI
50.
-- Lead gained 0.2 percent to $2,359.50 a ton. RSI 57.
-- Tin was down 0.4 percent at $24,600 a ton. RSI 60.
-- Zinc fell 0.1 percent to $2,077.75a ton. RSI 57.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.83            0.1        0.1
Crude Oil            $96.04            0.2        4.6
Gold              $1,661.50            0.2       -0.8
MSCI World Index   1,403.99           -0.1        4.9

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
IT Consumer Confidence Ind.          86.0     85.7       09:00
US Durable Goods Orders               2.0%     0.8%      13:30
US Pending Home Sales                 0.1%     1.7%      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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