Bloomberg News

Copper Declines on China, Europe Manufacturing: LME Preview

November 23, 2011

Nov. 23 (Bloomberg) -- Copper declined in London after a report indicated manufacturing in China, the biggest user, may contract this month by the most since March 2009 and as the euro slid ahead of the data that may add to signs that Europe’s debt crisis is damping economic growth.

Market News:

-- Asian stocks fell to the lowest in more than six weeks while U.S. equity futures and oil dropped on concern global economic growth will falter amid Europe’s debt crisis. NSN LV3Q6O0D9L35 <GO>

-- The Federal Reserve sought to bolster confidence in the U.S. banking system as concerns over the European sovereign-debt crisis roil financial markets and pose risks to the economic expansion. NSN LV3HDV0D9L36 <GO>

-- China’s manufacturing may contract this month by the most since March 2009 as home sales slide, adding to evidence the world’s second-biggest economy is slowing, a preliminary purchasing managers’ index shows. NSN LV3LLP6JIJW9 <GO>

-- Consumer spending in the U.S. probably climbed in October as incomes grew by the most since May, indicating the biggest part of the economy will bolster the recovery, economists said before a report today. NSN LV2Z790D9L35 <GO>

-- The euro slid for the sixth time in eight days against the dollar before data that may add to signs that Europe’s debt crisis is damping economic growth. NSN LV3Q826TTDS0 <GO>

-- Oil dropped from a three-day high in New York as investors speculated that rising gasoline stockpiles in the U.S. and slowing economic growth in Europe will reduce demand for fuel. NSN LV3J8L0YHQ0X <GO>

-- Waning investor interest in commodities may signal further price declines as faltering global economies spur concern that raw-material demand will decline. NSN LV30RY6S9728 <GO>

Metals News:

-- Australia’s lower house of parliament passed legislation for a 30 percent tax on coal and iron-ore profits as independent lawmakers and the Greens Party backed Prime Minister Julia Gillard’s plan. NSN LV3CST6TTDS1 <GO>

-- World crude steel production Rose 6% in October, the World Steel Association said. NSN LV3LFI1A1I4I <GO>

-- South Korea’s Public Procurement Service, a state-run body that manages strategic commodities, bought a total of 3,000 metric tons of primary aluminum in a tender today, according to a notice on the agency’s website. NSN LV3R0P6TTDSS <GO>

-- Vale SA, the world’s biggest exporter of iron ore, said miners planning about $32 billion of coal projects in Australia’s Galilee Basin should build a jointly owned railway to save costs and speed development. NSN LV3GJ46JTSE8 <GO>

-- PT Aneka Tambang’s nickel output will likely reach 18,000 tons next year, President Director Alwin Syah Loebis said in Jakarta today without providing a comparative figure. NSN LV3MYF6TTDS2 <GO>

--Editors: John Deane, Alastair Reed

To contact the reporter on this story: Maria Kolesnikova in London at

To contact the editor responsible for this story: John Deane at

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