Copper Gains in London Before U.S. Building Permits: LME Preview

Copper advanced in London before a government report on U.S. building permits that economists say will show expansion even as new residential construcion cooled.

Market News:

-- New residential construction in the U.S. probably cooled in

-- China’s foreign direct investment fell for an eighth month in

-- China will impose emission limits on six polluting industries

-- Chinese stocks rose as a gauge of health-care companies

-- The yuan advanced, snapping a five-day decline, as the

-- New Zealand’s central bank governor said he’s ready to intervene in foreign-exchange markets, the latest in a string of

-- Asian stocks rose for a third day, with the regional

-- Japan’s trade deficit swelled to a record 1.63 trillion yen

-- Bank of Korea Governor Kim Choong Soo said an improved global

Metals News:

-- BHP Billiton Ltd., the world’s biggest mining company, named

-- Copper holdings in the ETFS Physical Copper exchange-traded

-- Glencore International Plc’s $36 billion takeover of Xstrata

-- The price of palladium, used in pollution-control devices in

-- Goldman Sachs Group Inc. reiterated its 6-month copper

-- Japan’s copper wire and cable shipments declined 2.7 percent

Metals Prices:

-- Copper rose 0.3 percent at $8,079 a metric at 7:46
a.m. on the London Metal Exchange. Relative strength index 44.
-- Aluminum advanced 0.2 percent to $2,116 a ton. RSI 53.
-- Nickel dropped 0.1 percent to $17,370 a ton. RSI 39.
-- Lead advanced 0.3 percent to $2,383 a ton. RSI 49.
-- Tin was down 0.2 percent at $23,870 a ton. RSI 35.
-- Zinc climbed 0.1 percent to $2,157.50 a ton. RSI 55.

Other markets:         Last          % Change   % YTD

U.S. Dollar Index     80.28           -0.2        0.7
Crude Oil            $96.75            0.1        5.4
Gold              $1,607.81            0.2       -4.0
MSCI World Index   1,423.28            0.2        6.3

Economic Events:
                                    Survey    Prior      Time
                                                       (London)
IT Industrial Orders                 -0.2%    -0.5%      09:00
UK Bank of England Minutes            --        --       09:30
US Housing Starts                    -3.6%    12.1%      13:30
US Building Permits                   1.2%     1.0%      13:30
US Producer Price Index               0.3%    -0.3%      13:30
EC Euro-Zone Consumer Confidence     -23.2   -23.9       15:00
US Fed FOMC Minutes                   --       --        19:00
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