Copper Caps Biggest Weekly Advance Since 2011: LME PreviewJarrett Banks
Copper capped the biggest weekly rally since December 2011 after gains for manufacturing spurred optimism that the economy is stabilizing in China, the world’s top consumer of industrial metals.
MARKET NEWS * Copper Sinks Before China Factory PMI; Dollar Maintains Rebound * China’s Leadership Shuffle at Big Oil Clears Path for Reform * Greece Targets May Agreement as Breakthrough Remains Elusive
METALS NEWS * CME Suspends Traders for Alleged Sarao-Like Manipulation * Copper Caps Biggest Weekly Advance in 40 Months on China Outlook * Rio Signals Ready to Step Up on Dealmaking as Market Bottoms
METALS PRICES * Aluminum Down 0.8% to $1,910/mt; RSI 70 * Copper Up 1% to $6,400/mt; RSI 72 * Nickel Down 1.4% to $13,750/mt; RSI 59 * Lead Up 0.1% to $2,112/mt; RSI 73 * Tin Down 0.2% to $16,000/mt; RSI 47 * Zinc Little Changed at $2,344/mt; RSI 76
OTHER MARKETS * Brent Little Changed at $66.44/bbl * Spot Gold Little Changed at $1,178.51/oz * Bloomberg Dollar Index Up 0.1% to 1,173.42 * MSCI All-Country World Index Up 0.4% to 438.18
ECONOMIC EVENTS (All Times London) *245am HSBC China Manufacturing PMI *245pm ISM New York *3pm U.S. Factory Orders
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