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Copper Rises to 4-Week High on Asian Growth Signs: LME Preview

Jan. 31 (Bloomberg) -- Copper climbed to a four-week high in London after reports of economic growth in parts of Asia on top of forecasts for more U.S. car sales, boosting demand for industrial metals.

Market News:

-- Wolff Martin’s three-year lease on his Toyota RAV4 sport-utility vehicle expires in March, and he’s already shopping for a car -- part of an army of 500,000 that will help boost U.S. sales this year. {NSN MHGXS81A74E9 <go>}

-- The Philippine and Taiwan economies grew more than forecast last quarter, and Singapore’s jobless rate fell to a five-year low, signaling an upswing at the end of 2012 that underscores Asia’s role leading a global recovery. {NSN MHH4530YHQ0X <go>}

-- Japan’s industrial production rose less than economists forecast, suggesting that a recovery in the nation’s manufacturing sector is lagging a weakening yen. {NSN MHGYFS6KLVSL <go>}

-- The “R” word that economists were using after yesterday’s news that U.S. gross domestic product contracted in the fourth quarter was rebound, not recession. {NSN MHGZ2W07SXKY <go>}

-- Deutsche Bank AG, Europe’s biggest bank by assets, posted a fourth-quarter loss that was worse than estimated after costs from building capital and eliminating jobs surged. {NSN MHH8VN6S9729 <go>}

-- Most Asian stocks fell after data showed the U.S. economy shrank, while Japanese shares advanced on better-than-estimated profits and capped a sixth straight month of gains. The won weakened and metals rose. {NSN MHH8NN6S972B <go>}

-- Nomura Holdings Inc., Japan’s biggest brokerage, posted third-quarter profit that missed analysts’ estimates as a drop in investment banking fees overshadowed gains from brokerage commissions. {NSN MHH9MU6K50XX <go>}

-- CME Group Inc., owner of the world’s largest grain market, is backing off an expansion of trading hours in May that left some traders complaining that 21 hours a day left them with little sleep and less liquidity. {NSN MHH09C6JIJUR <go>}

-- Even after the worst financial crisis since the Great Depression, 10 percent unemployment and the Federal Reserve’s flooding the world with an extra $3 trillion, the dollar is as strong now as five years ago. {NSN MHGP810D9L35 <go>}

Metals News:

-- Rio Tinto Group, the world’s second-biggest mining company, declared force majeure on contracts to sell coal from its Kestrel mine in Australia after flooding from ex-tropical cyclone Oswald damaged a rail system. {NSN MHH5820UQVI9 <go>}

-- Freeport says a power cut disrupted Chile’s Candelaria copper mine and that energy supply is being restored to the mine. {NSN MHGTWU6KLVSM <GO>}

-- PT Timah’s tin output may rise to 30,000 tons this year from 29,600 tons in 2012, President Director Sukrisno says in Jakarta today. {nsn MHH4806S972Y <GO>}

-- Lead market expected to tighten in 2H, switch to small deficit in 2014, CICC analysts Janet Kong and Liu Zheng said in report today. {nsn MHGXCD6KLVSU <GO>}

-- Iron ore is “fairly priced” and there is a need for further restocking in China, Goldman Sachs Group Inc. said. {NSN MHHAIO6S972W <go>}

-- Chinalco Mining Corporation International, the copper mining company split from the nation’s largest aluminum producer, fell 6.9 percent on its Hong Kong trading debut. {NSN MHGX436KLVRV <go>}

Metals Prices:


-- Copper advanced 0.1 percent to $8,234.25 a metric at 7:45
a.m. on the London Metal Exchange. Relative strength index 64.
-- Aluminum climbed 0.1 percent to $2,107 a ton. RSI 58.
-- Nickel increased 0.2 percent at $18,400 a ton. RSI 68.
-- Lead gained 0.7 percent to $2,457 a ton. RSI 67.
-- Tin was up 0.6 percent at $25,049 a ton. RSI 65.
-- Zinc rose 0.2 percent to $2,159.25 a ton. RSI 69.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.27            0.0       -0.6
Crude Oil            $97.78           -0.2        6.5
Gold              $1,678.20            0.1        0.2
MSCI World Index   1,410.20            0.1        5.4

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
GE Unemployment Change               8K        3K        08:55
GE Consumer Price Index            -0.4%       0.9%      13:00
CA Gross Domestic Product           0.2%       0.1%      13:30
US Personal Income                  0.8%       0.6%      13:30
US Personal Spending                0.3%       0.4%      13:30
US Initial Jobless Claims          351K       330K       13:30
US NAPM Milwaukee                   52.0      --         14:00
US Chicago Purchasing Manager       50.5       50.0      14:45

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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