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Lead Climbs in London on Growth in Automobile Sales: LME Preview

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Feb. 27 (Bloomberg) -- Lead was the biggest gainer of industrial metals on the London Metal Exchange as vehicle sales reports by Mazda Motor Corp. to Toyota Motor Corp. signaled growth in demand for the metal used in car batteries.

Market News:

-- Asian stocks outside of Japan rose with copper after U.S. housing and consumer sentiment data bolstered confidence in the world’s biggest economy. The won strengthened, while the euro traded near a seven-week low against the dollar before Italy sells bonds today. {NSN MIV6FF6JTSEL <go>}

-- Hong Kong’s economic growth accelerated to the fastest pace in a year last quarter, signaling that the deepest slowdown since the 2009 global recession is abating. {NSN MIV55W0D9L35 <go>}

-- Jamie Dimon, the chief executive officer of JPMorgan Chase & Co., said banks are accumulating more capital than they need as regulators push lenders to build equity. {NSN MIUT7H0UQVI9 <go>}

-- Lawmakers in Japan’s main opposition party said they will back Haruhiko Kuroda as the next Bank of Japan governor while expressing reservations about Kikuo Iwata, a longtime central bank critic, for a deputy position. {NSN MIUXBM6KLVRQ <go>}

-- Chinese stocks will resume this year’s rally as the government works to shore up the nation’s economic recovery, according to China Asset Management Co., the biggest fund manager. {NSN MIV3RL6S972F <go>}

-- Orders for U.S. durable goods probably fell in January for the first time in five months as demand for commercial aircraft slumped, economists forecast before a report today. {NSN MIUJE41A74E9 <go>}

-- Nissan Motor Co., said global production of its cars and light trucks rose 3.6 percent in January compared with the same month last year. {nsn MIV5S11A74E9 <GO>}

-- Toyota Motor Corp., said global production of its cars and light trucks rose 0.7 percent in January from a year earlier. {NSN MIV4IA07SXKX <GO>}

Metals News:

-- Fees that zinc smelters charge miners to refine the metal may rise almost 10 percent this year amid increased ore supplies, a Bloomberg survey showed. {NSN MIUQM90D9L35 <go>}

-- Shipments of rolled-aluminum products by Japanese fabricators to domestic and overseas markets fell 8.7 percent in January, the third monthly decline, as demand weakened from automobile and electronics makers. {NSN MIV3NC6TTDS2 <go>}

-- The gold-mining industry, which has underperformed the precious metal for each of the past six years, is pledging to report costs more accurately as part of its efforts to win back investor confidence. {NSN MIV0H40D9L35 <go>}

-- India’s zinc use is expanding on growth in automotive, construction and manufacturing industries, said Ken de Souza, a consultant for the International Zinc Association. {nsn MIUAW96S972P <GO>}

-- The pace of China’s infrastructure building may slow this year, posing a risk to metals demand, said Huw Roberts, an economist and co-founder of CHR Metals Ltd. {nsn MIUQSN6JTSEH <GO>}

Metals Prices:


-- Copper increased 0.5 percent at $7,900.25 a metric at 7:24
a.m. on the London Metal Exchange. Relative strength index 40.
-- Aluminum climbed 0.3 percent to $2,029 a ton. RSI 37
-- Nickel rose 0.6 percent to $16,750 a ton. RSI 36.
-- Lead advanced 1 percent to $2,318.75 a ton. RSI 42.
-- Tin was up 0.4 percent at $23,395 a ton. RSI 34.
-- Zinc gained 0.5 percent to $2,110.25 a ton. RSI 47.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     81.79           -0.1        2.5
Crude Oil            $92.79            0.2        1.1
Gold              $1,610.13           -0.2       -3.9
MSCI World Index   1,384.74           -0.1        3.5

Economic Events:
                                    Survey    Prior      Time
                                                       (London)

IT Economic Confidence              88.4      88.2      09:00
UK GDP                              -0.3%     -0.3%     09:30
EC Euro-Zone Consumer Confidence   -23.6     -23.6      10:00
US Durable Goods Orders             -4.7%      4.3%     13:30
US Pending Home Sales                1.8%     -4.3%     15:00
JN Industrial Production             1.5%      2.4%     23:50

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