Bloomberg News

Copper Extends Advance in London on U.S. Recovery: LME Preview

December 28, 2011

Dec. 23 (Bloomberg) -- Copper rose for a fourth day in London on speculation signs of growth in the U.S. will support demand for industrial metals.

Market News:

-- Consumer spending probably climbed in November as Americans flocked to auto showrooms and shopped for holiday bargains, contributing to a pickup in U.S. growth as 2011 comes to a close, economists said before a report today. {NSN LWMGAA1A1I4H <GO>}

-- Christchurch, New Zealand’s second-largest city, was struck by a series of earthquakes flooding roads, damaging some buildings and forcing officials to evacuate shopping malls two days before Christmas. {NSN LWN4R46JTSE8 <GO>}

-- Mongolia’s economy, which grew 20.8 percent last quarter, risks contraction along with a global downturn in commodity prices partly due to a surge in state spending, according to the International Monetary Fund. {NSN LWLLWH6TTDS4 <GO>}

-- The French economy grew 0.3 percent in the third quarter, French statistical institute Insee said, revising down its previous estimate that the economy expanded 0.4 percent during the quarter. {NSN LWN8X76KLVR8 <GO>}

-- Mervyn King, vice chairman of the European Systemic Risk Board, said Europe’s sovereign debt crisis is threatening to hurt the real economy and the outlook for financial stability has worsened. {NSN LWM9R46S9729 <GO>}

-- China and India, which have been the most aggressive in battling inflation in Asia, will now probably lower borrowing costs at a faster pace than South Korea and Taiwan, according to Barclays Capital. {NSN LWLYYE6JIJUO <GO>}

Metals News:

-- Copper traders are the most bullish since October as global inventories at a two-year low add to signs that demand is improving. {NSN LWN3BR6JTSEA <GO>}

--An increase in mining royalties in Zimbabwe will cut profit and deter investment in the industry, the country’s Chamber of Mines, which represents companies, said. {NSN LWN8T06JTSE8 <GO>}

--Australia’s Sundance Resources Ltd. is giving traders a chance to double their money on the richest mining takeover in five years. {NSN LWN3K66TTDSC <GO>}

Metals Prices:

--Editors: Claudia Carpenter

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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