Copper Drops Most in 8 Weeks on German Factory Data: LME PreviewJoe Richter
Copper fell the most in eight weeks on Friday after German factory orders declined more than expected in July, adding to concerns that a slowing global economy will dent metals demand.
MARKET NEWS * Jobless Rate in U.S. Drops to Seven-Year Low, Reaches Fed Goal * Stocks Fall, Bonds Gain Into Holiday as Data Spur Risk Aversion * Fed Decision May Hinge on Which Holds Sway: Data or Outlook * Standard Chartered Said to Plan Cutting 250 Managing Directors * ETF Investors Abandon Inflation Bets Amid Doubts on Fed Goal
METALS NEWS * Gold Declines as Drop in U.S. Jobless Rate Fuels Fed Bets * Copper Drops Most in Eight Weeks as German Factory Orders Slide * Beermakers Gain Upper Hand on Financiers as Aluminum Costs Sag * Energy Lenders Balk at Deals Aimed at Saving Miners, Drillers * CME Group Will Offer Futures on European Aluminum Premium * Glencore Posts Worst Week Ever as Mining Shares Extend Slump * Tune In Sunday Night for Latest Read on China’s Yuan Challenge
METALS PRICES * Aluminum Down 1.4% to $1,608/mt; RSI 52 * Copper Down 2.4% to $5,120/mt; RSI 47 * Nickel Down 0.5% to $9,950/mt; RSI 40 * Lead Down 3.1% to $1,665/mt; RSI 41 * Tin Down 1.1% to $15,040/mt; RSI 51 * Zinc Down 1.4% to $1,785/mt; RSI 43
OTHER MARKETS * Brent Down 2.1% to $49.61/bbl * Spot Gold Down 0.3% to $1,122.21/oz * Bloomberg Dollar Index Up 0.1% to 1,213.81 * MSCI All-Country World Index Down 1.7% to 384.49
ECONOMIC EVENTS (All Times London) * 07:00 German Industrial Production * China Foreign Reserves 9/6-9/7
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