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Copper Gains, Paring Weekly Drop on Global Recovery: LME Preview

Copper advanced for a second day, paring the first weekly drop in four, as U.S. jobless claims fell and manufacturing in China and the euro area grew more than estimated, adding to signs of a global recovery.

Market News:

-- Asian stocks climbed, trimming the benchmark index’s worst

-- Losses this month in fixed-income markets are making 2013 among the worst years on record for U.S. investment-grade

-- The $1.5 trillion decline in equities in emerging markets has

-- The top U.S. derivatives regulator is poised to announce a

-- West Texas Intermediate crude rose for a second day after

Metals News:

-- Gold traders are the most bearish in nine weeks after Federal Reserve policy makers backed plans to taper stimulus if the

-- Copper output in China, the largest producer, may grow at a

-- Steel reinforcement-bar futures rose for the first time in

-- Record nickel stockpiles in warehouses monitored by the

-- Toyota Motor Corp. will increase the price of steel it sells to suppliers by 12 percent in the second half of this fiscal

Metals Prices:

-- Copper was little changed at $7,322 a metric ton on the
London Metal Exchange. Relative strength index 61.
-- Aluminum was little changed at $1,883.50 a ton. RSI 55.
-- Nickel advanced 0.4% to $14,490 a ton. RSI 53.
-- Lead was little changed at $2,210 a ton. RSI 62.
-- Tin was unchanged at $21,900 a ton. RSI 64.
-- Zinc was little changed at $1,971 a ton. RSI 63.

Other markets:               Last      % Change       % YTD
Bloomberg Dollar Index   1,029.05         +0.07       +4.32
Crude Oil                 $105.11         +0.08      +14.46
Gold                    $1,376.76         +0.04      -17.82
MSCI World Index           370.11         +0.25       +8.93

Economic Events:                      Survey     Prior      Time
                                                        (London)
Germany GDP SA QoQ                 2Q   0.7%      0.7%      7:00
U.K. GDP QoQ                       2Q   0.6%      0.6%      9:30
EC Consumer Confidence            Aug  -16.5     -17.4     15:00
U.S. New Home Sales               Jul   487K      497K     15:00

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