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Nickel and Tin Advance in London as Copper Declines: LME Preview

Feb. 12 (Bloomberg) -- Nickel and tin advanced in London as copper and aluminum declined less than 0.1 percent.

Market News:

-- Japanese shares led Asian stocks higher, while the yen traded near a three-year low, as U.S. and Japan policy makers endorsed further declines in the currency. South Korean stocks fell as a government official said North Korea likely conducted a nuclear test today. {NSN MI3BSF6JIJUU <go>}

-- India’s industrial output unexpectedly slid in December for a second month as demand falters in an economy expanding at the weakest pace in a decade. {NSN MI3EUE0UQVI9 <go>}

-- Boastful chatter among young traders, preserved in digital archives, has come back to haunt Barclays Plc as it defends itself against allegations that it manipulated U.S. energy markets. {NSN MI37T46TTDTD <go>}

-- Federal Reserve Vice Chairman Janet Yellen signaled stimulus may outlast the Fed’s bond purchases, saying the central bank has the option to hold interest rates near zero even after reaching near-term targets for inflation or unemployment. {NSN MI33G01A74E9 <go>}

-- An index of U.K. house prices fell in January as heavy snow affecting most of the country depressed interest from potential buyers, according to the Royal Institution of Chartered Surveyors. {NSN MI2IAA6K510X <go>}

-- The biggest gain in 19 months for commodities from cattle hides to burlap is signaling the rebound in global manufacturing may be sustained. {NSN MI2UMU6TTDTM <go>}

Metals News:

-- Norsk Hydro 4Q sales NK15.6b vs est. NK17.2b; Ebit NK669m vs est. NK56.4m; EPS NK0.07 vs est. NK0.10; Net NK144m vs est. NK184m. {nsn MI3GAS6JIJWR <GO>}

-- Aluminum production is increasing as “disrupted capacity” restarts, Norsk Hydro said in an investor presentation today. {nsn MI3HRK6JIJX3 <GO>}

-- ThyssenKrupp AG, Germany’s biggest steelmaker, reported adjusted earnings for the first fiscal quarter that fell 38 percent as the economic slowdown eroded demand. {NSN MI39DS6K50Z2 <go>}

-- Xstrata’s 2012 total mined copper output fell 16% Y/y to 747kt. {NSN MI3I7D6K50YT <GO>}

Metals Prices:


-- Copper fell less than 0.1 percent to $8,193 a metric at 7:18
a.m. on the London Metal Exchange. Relative strength index 54.
-- Aluminum dropped 0.1 percent to $2,102 a ton. RSI 54.
-- Nickel advanced 0.4 percent to $18,237 a ton. RSI 57.
-- Lead declined 0.2 percent to $2,385 a ton. RSI 59.
-- Tin was up 0.2 percent at $24,900 a ton. RSI 59.
-- Zinc fell 0.2 percent to $2,186 a ton. RSI 65.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     80.38            0.1        0.8
Crude Oil            $96.91           -0.1        5.5
Gold              $1,646.15           -0.1       -1.7
MSCI World Index   1,406.52            0.1        5.1

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
FR Current Account                 -3.5B     -2.9B       07:45
UK CIP                             -0.5%      0.5%       09:30
US NFIB Small Business Optimism     89.0     88.0        12:30
US Monthly Budget Statement        -$2.0B   -$27.41B     19:00

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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