Bloomberg News

Copper Drops on Europe Debt, China Growth Concern: LME Preview

September 29, 2011

Sept. 29 (Bloomberg) -- Copper fell for a second day on concern that Europe’s sovereign-debt crisis and the prospects for slower growth in China will hurt demand.

Market News:

-- The euro strengthened against most of its major peers and U.S. stock-index futures rose before German lawmakers vote on changes to a European bailout fund. NSN LS9T4507SXKX <GO>

-- German lawmakers are set to back an expansion of the euro- area rescue fund’s firepower as European officials turn to look at what next steps may be needed to stem the debt crisis. NSN LS928Q1A1I4J <GO>

-- Hong Kong shut financial markets, schools, courts and government offices after raising its highest storm signal in two years as Typhoon Nesat swept gale-force winds and rain into the city. NSN LS9P5Z07SXKX <GO>

-- Most global investors predict Chinese growth will slow to less than half the pace sustained since the government began dismantling Mao Zedong’s communist economy three decades ago, a Bloomberg poll indicated. NSN LS95WB0UQVI9 <GO>

-- Global investors anticipate Europe’s debt crisis leading to an economic slump, a financial meltdown and social unrest in the next year with 72 percent predicting a country abandoning the euro as a shared currency within five years, a Bloomberg survey found. NSN LS99LS07SXKX <GO>

Metals News:

-- The London Metal Exchange, the 134 year-old bourse handling 80 percent of global trade in metals futures, said it got more than 10 “expressions of interest” and may recommend a bid to shareholders as early as March. NSN LS9MXX1A74E9 <GO>

-- Freeport-McMoRan Copper & Gold Inc.’s copper miners in Peru will go on strike today, their third stoppage this month, after wage talks collapsed, union officials said. NSN LS9R016TTDS0 <GO>

-- First Quantum Minerals Ltd. will start its Ravensthorpe nickle project in Western Australia this year, the state’s minister for mines and petroleum, Norman Moore, told a conference in Perth today. NSN LS9INA6KLVRC <GO>

-- Japan’s steel output may rise 0.3 percent next quarter as demand from carmakers recovers, according to a forecast from the trade ministry. NSN LS9Q3207SXKX <GO>

-- Billionaire Vladimir Potanin’s Interros Holding Co. may seek control of OAO GMK Norilsk Nickel after a $4.5 billion buyback and stock cancellation, gaining the upper hand in a shareholder dispute with United Co. Rusal. NSN LS9RSA6S9729 <GO>

--Editor: John Deane

To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus