Bloomberg News

Copper Jumps 3.4% in London Trading After Selloff: LME Preview

October 21, 2011

Oct. 21 (Bloomberg) -- Copper jumped 3.4 percent in London, the first gain this week after falling 11 percent the previous four days.

Market News:

-- European governments may unleash as much as 940 billion euros ($1.3 trillion) to fight the debt crisis, seeking to break a deadlock between Germany and France that is forcing leaders to hold two summits within four days. {NSN LTE8YZ0YHQ0X <GO>}

-- Most Asian stocks rose, U.S. equity futures advanced and copper rallied for the first time in five days, leading a rebound in commodities before European leaders meet this weekend to discuss ways to tame the region’s sovereign-debt crisis. The Swiss franc strengthened. {NSN LTEHR30UQVI9 <GO>}

-- Japan will sell about 800 billion yen ($10.4 billion) of additional government debt to the market this fiscal year to fund earthquake reconstruction and help companies cope with a strong yen, the Ministry of Finance said. {NSN LTEHQV6S972A <GO>}

-- Companies transporting holiday merchandise may outperform the stock market as a rise in consumer spending indicates seasonal shopping may be better than forecast. {NSN LTE1XH6JTSEL <GO>}

Metals News:

-- Tin producers in Indonesia, the largest exporter, will meet next week to discuss fresh measures to stem a slide in the prices of the metal that’s headed for the first decline in three years, an industry official said. {NSN LTEHWA6S9728 <GO>}

-- South Korea will drop gold rings from the basket of goods comprising its consumer-price index in November, trimming the inflation rate, Finance Minister Bahk Jae Wan said. {NSN LTED086JIJV1 <GO>}

-- Goldman Sachs Group Inc. lowered its 2012 copper price forecast to $8,750 a metric ton from $10,692 a ton, citing “turmoil in Europe as a headwind to world economic growth.” {NSN LTEGXC6S9728 <GO>}

Metals Prices:

--Editors: Claudia Carpenter, Alastair Reed

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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