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Nickel Leads Gains in Industrial Metals in London: LME Preview

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Feb. 22 (Bloomberg) -- 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 November, and U.S. stock index futures advanced. The Australian dollar and New Zealand’s kiwi rose with Asian currencies, while stocks pared losses. {NSN MILYHJ6S972C <go>}

-- China’s new home prices rose in most cities the government tracks for a third month, adding pressure on leaders to intensify policy-tightening efforts to prevent asset bubbles and inflation as the economy rebounds. {NSN MILU3R1A1I4I <go>}

-- Investors are skeptical that U.S. retail spending will exceed forecasts this year, as some consumer-discretionary stock indexes have yet to reach new multiyear highs relative to their defensive counterparts. {NSN MILNIJ6S972J <go>}

-- Americans want Congress to delay steep spending cuts to give the economic recovery more time to take hold, according to a Bloomberg News poll. {NSN MIL8596S972X <go>}

-- Singapore’s economy expanded more than initially estimated last quarter after a smaller contraction in manufacturing, adding to evidence of a recovery in Asia. The island’s currency rose. {NSN MILLM26JTSEX <go>}

-- Japanese Finance Minister Taro Aso said that the next governor of the Bank of Japan doesn’t have to be someone with a finance ministry background, after an opposition party said it wouldn’t support such a candidate. {NSN MILXAX6JTSF7 <go>}

Metals News:

-- Steel reinforcement-bar futures fell for a third day in Shanghai, set for the biggest weekly loss in more than a year, on rising supplies and concern that climbing home prices may prompt curbs on property development. {NSN MILRY96S972U <go>}

-- Copper indicators signal supply is “broadly improving,” UBS AG said in a report. {NSN MILZSL6S972R <GO>}

-- The drop in industrial metals prices in the past few days is “a potentialopportunity to buy copper in particular,” Goldman Sachs Group Inc. said. {NSNMIM0UE6S972W <go>}-- PanAust Ltd., an Australian operator of copper and gold mines in Laos andThailand, is seeking to acquire assets in Chile with partner Codelco to add totheir Inca de Oro project. {NSN MILJPE6JIJV6 <go>} -- Andrew Forrest, chairman of the Fortescue Metals Group Ltd., said Australia’s third-biggest iron ore producer will strive to appoint more women directors after naming Elizabeth Gaines as its first female board member. {NSN MILWL06JTSE8 <go>}

-- SGX AsiaClear postponed the start of an iron ore futures contract by six weeks to ensure that customers are ready, the world’s largest clearer of swaps for the commodity said. {NSN MILPG30YHQ0X <go>}

-- Newmont Mining Corp., the largest U.S. gold producer, reported fourth-quarter earnings that beat analysts’ estimates as gold prices rose. {NSN MILGI86JTSFB <go>}

-- Bumi Plc’s defeat of co-founder Nathaniel Rothschild’s effort to take control of the board clears the way for the coal producer to proceed with a deal to split from Indonesia’s Bakrie family. {NSN MILLBF1A74E9 <go>}

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

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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