Bloomberg News

Copper Rises in London on European Debt Agreement: LME Preview

October 27, 2011

Oct. 27 (Bloomberg) -- Copper climbed in London on speculation demand will increase after European leaders reached a debt-relief accord with bank representatives.

Market News:

-- European leaders persuaded bondholders to take 50 percent losses on Greek debt and boosted the firepower of the rescue fund to 1 trillion euros ($1.4 trillion), responding to global pressure to step up the fight against the financial crisis. {NSN LTPNUD07SXKX <GO>}

-- Asian stocks rose to the highest in seven weeks and the euro strengthened as European leaders agreed on a plan to expand a bailout fund to stem the region’s debt crisis. Metals and oil led a rally in commodities. {NSN LTPNI11A1I4L <GO>}

-- The congressional supercommittee seeking a long-term debt- reduction deal remains at an impasse with a deadline near, and the prospect of failure is prompting concern about further downgrades of the nation’s credit rating. {NSN LTP4H807SXKX <GO>}

-- French President Nicolas Sarkozy said he plans to call Chinese counterpart Hu Jintao today to discuss China contributing to Europe’s efforts to resolve the region’s debt crisis. {NSN LTPGNJ0YHQ0X <GO>}

-- The U.S. economy probably grew in the third quarter at the fastest pace this year as gains in consumer spending and business investment helped sustain a recovery on the brink of faltering, economists said before a report today. {NSN LTOWJX07SXKX <GO>}

Metals News:

-- Nickel, the second-worst performing metal on the London Metals Exchange in the past six months, is set to rebound as Chinese steelmakers lead a recovery in demand. {NSN LTPCPP6K50XS <GO>}

-- Chinese industrial companies’ profits grew at a slower pace in September as companies including Anhui Conch Cement Co. and Aluminum Corp. of China faced rising costs even as sales gained. {NSN LTPGXF07SXKX <GO>}

-- Fortescue Metals Group Ltd., Australia’s third-biggest producer of iron ore, said prices for the steelmaking ingredient won’t drop much more from their lowest level in 15 months. {NSN LTP9IZ6K50XT <GO>}

-- Japan’s shipments of rolled-aluminum products dropped 4.4 percent, the fourth straight month of decline, as exports weakened on a strong yen amid the European debt crisis and demand from canmakers declined. {NSN LTPIIG1A1I4H <GO>}

-- Vale SA, the world’s largest iron-ore producer, posted its first decline in quarterly profit in two years and missed analysts’ estimates after a weaker Brazilian real boosted dollar-denominated debt. {NSN LTPC6M6S972D <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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