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Copper Advances After China’s Manufacturing Expands: LME Preview

Feb. 25 (Bloomberg) -- Copper advanced in London after an industry report signaled manufacturing is expanding in China, the world’s largest buyer of industrial metals.

Market News:

-- The yen fell to an almost 3-year low, Japanese bond yields slid and the nation’s stocks rallied on speculation Prime Minister Shinzo Abe will nominate Haruhiko Kuroda as central bank governor. The pound weakened. {NSN MIRH266JTSER <go>}

-- China’s manufacturing is expanding at the slowest pace in four months, a private survey showed, underscoring the headwinds faced by policy makers in the world’s second-biggest economy. {NSN MIRC6S6KLVRN <go>}

-- China’s ruling party is planning to keep Zhou Xiaochuan as central bank governor as it prepares for the broadest shuffle of government leadership in five years, according to a person with direct knowledge of the discussions. {NSN MIRCDY1A1I4H <go>}

-- Five years after their record-setting leveraged buyout of Energy Future Holdings Corp., KKR & Co. and TPG Capital are moving closer to a possible new milestone: the biggest bankruptcy of a private equity-backed company since the failure of Chrysler Group LLC. {NSN MIR1LV6JTSEE <go>}

-- Euro-region stocks are missing this year’s global rally as four years of lockstep moves in markets break down amid diverging outlooks for economic growth. {NSN MIQ7JA6S9728 <go>}

-- Hedge funds cut bets on a rally in gold by the most since 2007 and became the most bearish ever on sugar and coffee as concern that the Federal Reserve will slow U.S. stimulus programs drove prices for raw materials to the biggest loss this year. {NSN MIRHH01A1I4H <go>}

-- President Barack Obama’s administration released a state-by-state report on how $85 billion in automatic spending cuts will degrade programs from defense to education to public health, as White House officials said they don’t expect to avert reductions to start March 1. {NSN MIRC8E1A74E9 <go>}

Metals News:

-- Zinc-processing fees will probably rise almost 10 percent from last year, as increased ore supplies enable smelters to charge miners more, said Duncan Hobbs, an analyst at Macquarie Group Ltd. {NSN MIR0PZ6JTSE9 <go>}

-- BlackRock Inc. won U.S. regulatory approval for an exchange-traded fund backed by physical copper, which some industrial users said may disrupt the market for the metal. {NSN MIQW1U0YHQ0X <go>}

-- BHP Billiton Ltd., the world’s biggest mining company, said an expected slowdown in demand for minerals over the next five years makes cutting costs and boosting productivity a priority. {NSN MIPMCE0D9L35 <go>}

-- Steel reinforcement-bar futures traded near a one-month low in Shanghai as investors cut their exposure to the building material amid signs of tighter control on property investment. {NSN MIRAFA6KLVRP <go>}

-- MMG said zinc shipments from Karumba were halted due to vessel damage. {NSN MIRAFA6KLVRP <go>}

-- Tropical cyclone Rusty is expected this week to slam into the north-western coast of Australia, the world’s biggest exporter of iron ore, threatening to cut exports and flood mines. {NSN MIR8VH07SXKX <go>}

Metals Prices:


-- Copper advanced 0.7 percent at $7,859 a metric at 6:57
a.m. on the London Metal Exchange. Relative strength index 36.
-- Aluminum retreated 0.2 percent to $2,044 a ton. RSI 39.
-- Nickel declined 0.3 percent to $16,930 a ton. RSI 37.
-- Lead advanced 0.1 percent to $2,305 a ton. RSI 38.
-- Tin was up 0.2 percent at $23,140 a ton. RSI 27.
-- Zinc fell 0.1 percent to $2,085 a ton. RSI 40.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     81.54            0.1        2.2
Crude Oil            $93.06           -0.1        1.3
Gold              $1,585.73            0.3       -5.4
MSCI World Index   1,402.83            0.1        4.8

Economic Events:
                                    Survey    Prior      Time
                                                       (London)

UK BBA Loans for House Purchase      34000   33636       09:30
US Chicago Fed Nat Activity Index     --      0.02       13:30
US Dallas Fed Manf. Activity           3.0    5.5        15:30

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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