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Zinc Falls for Third Day as Surplus Seen in Quarter: LME Preview

Feb. 7 (Bloomberg) -- Zinc dropped for a third day in London on speculation an oversupply of the metal is building with stockpiles up 3.9 percent this year in China, the world’s largest buyer. Barclays Plc is forecasting a surplus of 161,000 metric tons for the first quarter.

Market News:

-- Credit Suisse Group AG, the second-biggest Swiss bank, reported a profit for the fourth quarter that missed estimates and increased its cost-cutting goal. {NSN MHU51C07SXKX <go>}

-- The yen rebounded from an almost three-year low while Chinese and Japanese shares led Asian stocks lower. Platinum rallied to a 16-month high and natural gas advanced. {NSN MHU2RS6K50Y0 <go>}

-- Barclays Plc, the second-largest U.K. lender by assets, dismissed trading-division employees this week as it notified regulators its investment bank is cutting 275 jobs in New York City. {NSN MHTPSW6KLVRV <go>}

-- Bank of England officials will likely refrain from adding stimulus to aid the economy today in a decision that will be overshadowed by the bank’s next governor. {NSN MHT9U31A1I4H <go>}

-- India forecast the weakest economic growth in a decade as subdued investment and elevated inflation add pressure on Prime Minister Manmohan Singh to extend policy changes and revive his development agenda. {NSN MHU5WV07SXKX <go>}

-- One former Standard & Poor’s analyst who told his bosses that they shouldn’t weaken their standards to win more business finds himself at the heart of the U.S. Justice Department’s $5 billion case against the ratings firm. {NSN MHTX9W1A74E9 <go>}

-- The lowest reading in almost six years for a “fear gauge” of stock-market volatility may signal rising commodity prices as faster global growth spurs increased demand for raw materials. {NSN MHTN2Q6JIJV5 <go>}

Metals News:

-- Steel reinforcement-bar futures in Shanghai traded near the highest in nine months, supported by higher costs for inputs including iron ore. {NSN MHTY096K50XW <go>}

-- Australia will impose temporary anti-dumping duties on galvanized and aluminum-coated galvanized steel sheets imported from China after preliminary findings concluded that Australian companies are affected, according to a statement posted to the Chinese commerce ministry website. {nsn MHU1AU6K50Z6 <GO>}

-- Zinc slab production diverged from mine supply growth throughout 2012, rising for four straight months after bottoming in July, yet falling almost 3.2% ytd through November. {nsn MHSE4G6TTDT8 <GO>}

-- Rio Tinto Group Chief Executive Officer Sam Walsh’s biggest test since taking over last month -- Mongolia’s call for more control of a $6.6 billion copper project -- helped send the miner’s credit risk to a four-month high relative to global peers. {NSN MHTX6L6K5129 <go>}

-- Nickel prices may rebound after the Chinese new year, Deutsche Bank AG said. {nsn MHU9816JIJWF <GO>}

Metals Prices:

-- Copper slipped almost 0.1 percent to $8,240 a metric at 7:10
a.m. on the London Metal Exchange. Relative strength index 59.
-- Aluminum fell 0.3 percent to $2,092.75 a ton. RSI 53.
-- Nickel gained almost 0.1 percent to $18,335 a ton. RSI 61.
-- Lead declined 0.3 percent to $2,414.50 a ton. RSI 58.
-- Tin was up 0.2 percent at $24,887 a ton. RSI 61.
-- Zinc dropped 0.7 percent to $2,152 a ton. RSI 62.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     79.69            0.0       -0.2
Crude Oil            $96.71            0.1        5.3
Gold              $1,679.49            0.1        0.2
MSCI World Index   1,408.56            0.0        5.2

Economic Events:
                                    Survey    Prior      Time
UK Industrial Production             0.9%      0.3%      09:30
GE Industrial Production             0.2%      0.2%      11:00
UK BOE Announces Rates               0.5%      0.5%      12:00
EC ECB Announces Rates               0.75%     0.75%     12:45
US Initial Jobless Claims           360K      368K       13:30
CA Building Permits                  5.0%    -17.9%      13:30
US Consumer Credit                 $14.0B    $16.045B    20:00

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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