Bloomberg News

Copper Drops on Speculation China Demand May Weaken: LME Preview

December 12, 2011

Dec. 12 (Bloomberg) -- Copper dropped in London on speculation demand from China may weaken as economic growth slows in the biggest metals user.

Market News:

-- Asian stocks snapped two days of losses on stronger U.S. consumer confidence and speculation China will loosen monetary policy. The euro fell, erasing most of the gains spurred by Europe’s plans to boost a rescue fund. NSN LW2TE46K50XU <GO>

-- Chinese Premier Wen Jiabao and officials meeting to map out economic policies for 2012 may be encouraged to add more stimulus as a shrinking trade surplus shows Europe’s debt crisis hitting exports. NSN LW2WEX0YHQ0X <GO>

-- India’s industrial production shrank in October for the first time in more than two years, sending stocks and the rupee lower and bond yields to a two-month low. NSN LW2WU00YHQ0X <GO>

-- Germany’s top central banker cooled speculation that the European Central Bank will extend its role as European leaders pressed their case that a new fiscal accord will deliver the region from its two-year-old debt crisis. NSN LW21I30UQVI9 <GO>

-- Foreign-exchange strategists are slashing their forecasts for the euro at the fastest pace this year as European Central Bank President Mario Draghi’s interest-rate cuts remove one of the currency’s pillars of support. NSN LW2U8H6KLVRC <GO>

-- Hedge funds cut bullish bets on agricultural prices to the lowest level in more than two years on signs of expanding global supplies. NSN LW2ONR0UQVI9 <GO>

-- Oil slid in New York, extending last week’s decline, as concern Europe will be unable to tame its debt crisis countered Iran’s calls for production cuts before an OPEC meeting this week. NSN LW2VAT6JTSEE <GO>

Metals News:

-- Copper imports by China, the biggest consumer, advanced to the highest level in 20 months in November as stronger local prices than in London prompted traders to increase buying. NSN LVZ22P6JTSE8 <GO>

-- Workers at Freeport-McMoRan Copper & Gold Inc.’s Grasberg mine in Indonesia will extend their strike for a fourth month until Jan. 15, a union official said. NSN LVZ3VX6JIJUO <GO>

-- Premiums for aluminum delivered immediately are falling as metal previously tied up in financial transactions is being offered for sale into the market, Macquarie Group Ltd. said. NSN LW2WNS6TTDS0 <GO>

-- Peruvian President Ollanta Humala swore in 10 new ministers led by a former army officer as he seeks to take a firmer stance on protests that halted the nation’s biggest investment project. NSN LW2QVQ6JIJV7 <GO>


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