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Nickel Leads Gains in Industrial Metals in London: LME Preview

Nickel led gains on the London Metal Exchange, with industrial metals heading for the first advance in six days. The LME index of six metals has dropped 4.9 percent the past five days.

Market News:

-- Commodities climbed, rebounding from the biggest drop since

-- China’s new home prices rose in most cities the government

-- Investors are skeptical that U.S. retail spending will exceed

-- Singapore’s economy expanded more than initially estimated

-- Japanese Finance Minister Taro Aso said that the next

Metals News:

-- Steel reinforcement-bar futures fell for a third day in

-- Andrew Forrest, chairman of the Fortescue Metals Group Ltd.,

-- SGX AsiaClear postponed the start of an iron ore futures

-- Bumi Plc’s defeat of co-founder Nathaniel Rothschild’s effort

Metals Prices:

-- Copper advanced 0.3 percent at $7,895 a metric at 8:07
a.m. on the London Metal Exchange. Relative strength index 37.
-- Aluminum added 0.5 percent to $2,086 a ton. RSI 47.
-- Nickel gained 2.1 percent to $16,974 a ton. RSI 38.
-- Lead advanced 0.8 percent to $2,345 a ton. RSI 44.
-- Tin was up 1.7 percent at $23,500 a ton. RSI 35.
-- Zinc rose 0.8 percent to $2,129 a ton. RSI 49.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     81.26           -0.3        1.9
Crude Oil            $93.07            0.3        1.4
Gold              $1,585.15            0.6       -5.4
MSCI World Index   1,392.55            0.0        4.1

Economic Events:
                                    Survey    Prior      Time
                                                       (London)

GE IFO Business Climate             104.9     104.2     09:00
IT Consumer Confidence Ind.          84.6      84.6     10:00

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