Bloomberg News

Copper Rises in London Before U.S. Leading Index: LME Preview

June 17, 2011

June 17 (Bloomberg) -- Copper rose in London before the index of U.S. leading indicators report that economists said will probably show a rebound for May, signaling more demand for industrial metals.

Market News:

-- The Basel Committee on Banking Supervision is considering extra capital requirements of as much as 3.5 percentage points that the largest banks may face if they grow bigger, according to two people familiar with the talks. {NSN LMWLBF1A74E9 <GO>}

-- Alan Greenspan, former Federal Reserve chairman, said a default by Greece is “almost certain” and could help drive the U.S. economy into recession. {NSN LMWQ1M0YHQ0X <GO>}

-- Chancellor Angela Merkel meets with President Nicolas Sarkozy today to resolve the impasse over a second Greek rescue as Germany’s insistence that bondholders share the cost fans the risk of contagion. {NSN LMWFT11A1I4J <GO>}

-- The euro slid for a third day versus the yen and Asian stocks headed for a seventh week of losses, the longest slump since 2004, on concern Europe’s crisis won’t be resolved as leaders meet today to discuss a rescue for Greece. {NSN LMX41H1A1I4H <go>}

-- The index of U.S. leading indicators probably rebounded in May after declining for the first time in almost a year, a sign economic growth may pick up by the end of 2011, economists forecast a report will show today. {NSN LMWH1H0YHQ0X <GO>}

-- Treasuries headed for a fifth weekly gain as speculation European leaders will fail to contain the Greek debt crisis boosted demand for the safest securities. {NSN LMX5VM6JTSEG <GO>}

Metals News:

-- Copper may rise on speculation imports of the metal into top global consumer China are set to climb, signaling stronger demand, a survey showed. {NSN LMVYDC1A74E9 <GO>}

-- Furukawa Co. plans to cut copper production by 34 percent in the fiscal first half ending Sept. 30, compared with a year earlier. {NSN LMX0PL6S9729 <GO>}

-- Prices of the rare earths used in lasers and plasma televisions more than doubled in the past two weeks as China tightens control of mining, production and exports, according to market researcher Industrial Minerals. {NSN LMX6R86JIJUR <GO>}

-- China may cut tax rebate for some aluminum exports to 9 percent from 13 percent to limit exports of the metal, the Wall Street Journal reported today, citing unidentified market participants. {NSN LMWZ2Y6JTSEB <GO>}

-- Metorex Ltd., a $1.1 billion target for Brazil’s Vale SA, said it received an unsolicited approach from another party. {NSN LMX72O0YHQ0X <GO>}

Metals Prices:

--Editors: Claudia Carpenter, John Deane

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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