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Tin Is Top Gainer of Industrial Metals in London: LME Preview

Feb. 11 (Bloomberg) -- Tin was the biggest gainer of industrial metals on speculation of re-stocking heading into the second quarter.

Market News:

-- European finance chiefs will seek to win back crisis-management momentum to navigate the currency area through emerging political pitfalls after markets signaled last week that the three-year crisis is far from over. {NSN MI0OJR6JIJUQ <go>}

-- The euro touched a two-week low against the dollar while Philippine and Indonesian stocks rose to records with many Asian equity markets closed for public holidays. Silver climbed and corn dropped. {NSN MI1LEL6TTDS9 <go>}

-- Federal Reserve Chairman Ben S. Bernanke says the end of the central bank’s bond buying won’t constitute a move toward tighter policy. He may have a tough time convincing stock and bond investors that’s true. {NSN MI0P9D6JTSE8 <go>}

-- Asian Development Bank President Haruhiko Kuroda, a potential candidate to head Japan’s central bank, signaled that he favors greater monetary stimulus by the Bank of Japan this year. {NSN MI1KDH07SXKX <go>}

-- Euro-area economic data due this week will probably show the damage inflicted by the region’s sovereign debt crisis with the worst quarterly decline in output for almost four years. {NSN MI0TO36S9728 <go>}

Metals News:

-- When Vladimir Putin says the U.S. is endangering the global economy by abusing its dollar monopoly, he’s not just talking. He’s betting on it. {NSN MHWUQ56K50ZB <go>}

-- Hedge funds increased bullish commodity bets for the fourth straight week and became the most bullish on copper since December as signs of faster growth in the U.S. and China fueled the best start to the year since 2005. {NSN MI1EYR6TTDS1 <go>}

-- Rio Tinto Group has suspended some construction work at its underground expansion at the Argyle diamond mine in Australia, the company said in an e-mail statement. {nsn MI11VT6TTDS2 <GO>}

-- Covelo said on Feb. 9 that rains affected its Adina copper mine. {nsn MHYWJA6TTDS0 <GO>}

-- Industrial metals will benefit in the second quarter from seasonal demand and restocking, Deutsche Bank AG said in a report. {nsn MI1P316JIJUR <GO>}

Metals Prices:


-- Copper dropped less than 0.1 percent to $8,286.75 a metric at
7:30 a.m. on the London Metal Exchange. Relative strength index
61.
-- Aluminum climbed 0.2 percent to $2,123.75 a ton. RSI 59.
-- Nickel advanced 0.3 percent to $18,371 a ton. RSI 60.
-- Lead declined almost 0.1 percent to $2,420 a ton. RSI 58.
-- Tin was up 0.7 percent at $25,029 a ton. RSI 58.
-- Zinc fell 0.1 percent to $2,204.25 a ton. RSI 69.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     80.15           -0.1        0.5
Crude Oil            $95.65            0.3        4.7
Gold              $1,671.60            0.0       -0.2
MSCI World Index   1,409.63            0.0        4.7

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
FR Industrial Production            -0.2%     0.5%       07:45

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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