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Copper Rebounds on China Recovery Optimism: LME Preview

Nov. 5 (Bloomberg) -- Copper rose, rebounding from the lowest close in almost a month, as recent economic data added to signs of a recovery in the world’s biggest user of the metal.

MARKET NEWS * RBA Says Aussie ‘Uncomfortably High’ as It Holds Key Rate * Asia Stocks Drop With Aussie as Yen Gains; Copper Rallies * Li Says China Needs 7.2% Growth to Create Jobs as Party Meets * Goldman to BofA Are Said to Trade With SAC After Plea Deal * WTI Fluctuates Near Four-Month Low on U.S. Supply Outlook

METALS NEWS * Gold Snaps Losing Run as U.S. Data May Show Slower Recovery * Iron Ore Exports Climb to China From Australia’s Port Hedland * Rebar Falls on Concern China Property Curbs May Reduce Demand * Barclays Sees Copper Bonds Beat by Power Supplier * China, U.S. Steel-Price Spread Signals Decline: Chart of Day

METALS PRICES * Copper Up 0.5% to $7,182.75/t; RSI 47 * Aluminum Up 0.7% to $1,834/t; RSI 45 * Nickel Down 0.3% to $14,330/t; RSI 51 * Zinc Up 0.4% to $1,931/t; RSI 50 * Lead Up 0.2% to $2,163.50/t; RSI 52 * Tin Little Changed at $22,706/t; RSI 44

OTHER MARKETS: * Crude Oil Little Changed at $94.59/bbl * Gold Little Changed at $1,314.76/oz * Bloomberg Dollar Index Up 0.1% to 1,013.97 * MSCI All-Country World Index Little Changed at 396.83

ECONOMIC EVENTS (All Times London): * 930am U.K. PMI Services * 930am EU Economic Growth Forecasts * 10am EU PPI * 3pm US ISM Non-Manuf. Composite

To contact Bloomberg News staff for this story: Alfred Cang in Shanghai at acang@bloomberg.net

To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net

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