Bloomberg News

Copper at Highest Price in a Month Before EU Summit: LME Preview

October 25, 2011

Oct. 25 (Bloomberg) -- Copper jumped to the highest price in more than a month as investors anticipated European leaders will hammer out details on enhancing the region’s bailout fund at a summit tomorrow.

Market News:

-- Asian stocks and U.S. equity-index futures slid and the euro snapped a five-day advance against the dollar before European leaders hold a summit tomorrow to discuss ways to contain the region’s debt crisis. NSN LTLYBX0YHQ10 <GO>

-- Deutsche Bank AG, Europe’s biggest investment bank by revenue, reported third-quarter profit that beat analysts’ estimates as gains in consumer banking helped offset a decline in trading revenue. NSN LTLWMI1A1I4K <GO>

-- Banks are pushing back against European leaders on the size of losses they are ready to accept on Greek bonds as officials struggle to rescue the debt-laden country while avoiding a default. NSN LTLQ370D9L35 <GO>

-- Boosting the effectiveness of Europe’s bailout fund will require further talks with investors as German lawmakers prepare to vote on its new powers tomorrow, a European Union document showed. NSN LTLAMQ07SXKZ <GO>

-- A near doubling in the Chinese economy’s reliance on credit over the past decade will prompt slower growth in coming years, risking diminished returns for investors, according to research by BlackRock Inc. NSN LTLSE50D9L37 <GO>

-- Home prices in 20 U.S. cities probably fell at a slower pace and consumer confidence hovered near a two-year low, highlighting the obstacles facing the recovery in its third year, economists said before reports today. NSN LTL8J31A1I4H <GO>

-- The biggest rout in commodities since the global recession may be a sign that the fastest U.S. inflation in three years is peaking. NSN LTLXZW0YHQ0X <GO>

Metals News:

-- BHP Billiton Ltd., the world’s biggest mining company, said China has shown the ability to sustain economic growth during times of global turmoil. NSN LTLZOB6KLVR8 <GO>

-- Korea Zinc Co. posted a 46 percent increase in third-quarter net income to 186 billion won ($165 million) from a year earlier, according to a regulatory filing by the Korean company. NSN LTLYFS6JIJV0 <GO>

-- OAO Magnitogorsk Iron & Steel Works increased third-quarter steel production 13 percent from the second quarter to 3.18 million metric tons, while the average price fell 6 percent to $760 a ton. NSN LTLYHO6S9728 <GO>

-- Ivanhoe Mines Ltd.’s options show investors are becoming more convinced the copper and gold explorer will be a takeover candidate by March. NSN LTLGYC6KLVR7 <GO>

--Editors: John Deane, Claudia Carpenter

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


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