Bloomberg News

Copper Declines in London on European Debt Crisis: LME Preview

December 14, 2011

Dec. 14 (Bloomberg) -- Copper fell for a third day in London on speculation the European debt crisis is far from over after signals from Federal Reserve Chairman Ben S. Bernanke.

Market News:

-- Asian stocks declined for a second day, while oil fell and credit risk rose after the Federal Reserve refrained from taking more steps to boost the U.S. economy. Standard & Poor’s 500 Index futures climbed 0.3 percent after the equity gauge lost 0.9 percent yesterday. {NSN LW6KZ20D9L35 <GO>}

-- Federal Reserve Chairman Ben S. Bernanke signaled he’s concerned Europe’s crisis will hobble a 2 1/2-year U.S. expansion that may need another boost from the central bank. {NSN LW69PA0D9L35 <GO>}

-- India’s inflation slowed to the lowest level in a year, boosting the central bank’s scope to support growth by pausing its record interest-rate increases. {NSN LW6KJO0D9L36 <GO>}

-- South Korea’s unemployment rate held at a three-year low last month as service industries hired more workers to meet growing demand. {NSN LW61U36JTSE9 <GO>}

-- Singapore’s economy may expand less than previously estimated in 2012, a central bank survey of economists showed, as Europe’s sovereign-debt crisis curbs demand for Asian exports. {NSN LW6DNS0UQVI9 <GO>}

-- China’s leaders affirmed they will stick next year with a campaign to bring down property prices even as a “very grim” global outlook threatens growth in the second-largest economy. {NSN LW6L9G6JTSEH <GO>}

Metals News:

-- South Korea’s Public Procurement Service, a state-run body that manages strategic commodities, purchased 4,000 metric tons of high-grade aluminum ingots in tenders, according to notices on the agency’s website today. {NSN LW6KZM6JTSEA <GO>}

-- Workers at Freeport-McMoRan Copper & Gold Inc.’s Grasberg mine in Indonesia expect to sign an agreement today with the company’s management to end a three-month strike in return for a 37 percent salary increase over a two-year period, Juli Parorrongan, a spokesman of the workers union at Freeport Indonesia, said in a mobile-phone text message today. {NSN LW6LH36JTSEA <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.


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus