Bloomberg News

Copper Advances in London After Disruption in Chile: LME Preview

June 06, 2011

June 6 (Bloomberg) -- Copper gained for a second day in London after a strike disrupted supplies at the El Teniente mine in Chile, the world’s largest producer of the metal.

Market News:

-- A string of disappointing economic data capped by last week’s jobs report is prompting even some of the more optimistic economists to question the durability of the U.S. recovery. NSN LMBU5H0D9L35 <GO>

-- U.S. Treasury Secretary Timothy F. Geithner says France’s Christine Lagarde and Mexico’s Agustin Carstens are both qualified to run the International Monetary Fund. He may have little choice but to support Lagarde. NSN LMCIB00UQVI9 <GO>

-- Treasury 10-year bonds snapped last week’s biggest advance in a month on speculation recent gains were too rapid and on expectations a new aid package for Greece will shift demand to higher-yielding assets. NSN LMCR006K50YQ <GO>

-- The euro touched a month high versus the dollar on prospects officials from the European Union will reiterate their intention to prepare a new aid package for Greece, easing concern over the region’s debt crisis. NSN LMCNAQ1A1I4H <GO>

-- U.K. factory production strengthened in the second quarter as companies benefited from increasing export orders, the Engineering Employers Federation said. NSN LM84FC07SXKZ <GO>

Metals News:

-- Funds boosted bets on rising commodity prices to the highest in four weeks, led by copper, amid signs that the global economic recovery will remain resilient and boost demand for raw materials. NSN LM8I376JTSE9 <GO>

-- Codelco, the world’s largest copper company, plans to operate its El Teniente mine in central Chile at below capacity for a fourth day amid a contractors’ strike, according to a company official briefed on the matter. NSN LMCS9Q1A1I4I <GO>

Metals Prices:

--Editors: John Deane, Claudia Carpenter

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@abloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter@bloomberg.net.


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