Bloomberg News

Copper Drops on Speculation China’s Demand May Slow: LME Preview

January 04, 2012

Jan. 4 (Bloomberg) -- Copper dropped in London on speculation demand in China, the biggest user, may slow as the country’s home prices fell for a fourth month and Premier Wen Jiabao said business conditions may be “relatively difficult” this quarter.

Market News:

-- Asian stocks rallied on the first full trading day of the new year and credit risk fell after U.S. manufacturing rose at the fastest pace in six months. European equity futures slid before debt sales in Germany and Portugal. NSN LX9J311A1I4H <GO>

-- Chinese Premier Wen Jiabao said business conditions may be “relatively difficult” this quarter and monetary policy will be fine-tuned as needed. NSN LX99386JIJUR <GO>

-- China’s home prices fell for a fourth month in December as the government prolonged a crackdown on speculation that risks deepening the slowdown in the world’s second-biggest economy. NSN LX9C136JTSE8 <GO>

-- Analysts’ failure to foresee declining earnings per share for the biggest U.S. banks last year hasn’t stopped them from predicting an even bigger profit surge for 2012. NSN LX8XPF1A1I4I <GO>

-- Federal Reserve Chairman Ben S. Bernanke is betting that announcing Federal Reserve officials’ own forecasts for borrowing costs will make monetary policy more effective while also supporting the two-year expansion. NSN LX929Z1A1I4H <GO>

-- Oil traded near the highest price in almost eight months as investors speculated that tension over Iran, shrinking U.S. crude stockpiles and signs of economic recovery will tighten supplies. NSN LX9FZD6K50Y4 <GO>

Metals News:

-- Zambian Mines Minister Wylbur Simuusa plans to meet workers at First Quantum Minerals Ltd.’s Kansanshi copper mine to resolve a pay dispute that’s threatening to halt production for a second day. NSN LX9H421A74E9 <GO>

-- Silver will lead gains in commodities this year, comparing prices yesterday to the high forecasts, based on the median estimate of 143 analysts, traders and investors surveyed by Bloomberg News. NSN LX8FHC0YHQ0X <GO>

-- Codelco, Chile’s state-owned copper company, will file two separate lawsuits in Santiago courts next week to defend its option to buy a 49 percent stake in Anglo American Plc’s Sur copper unit, La Segunda reported. NSN LX8QTX6JIJV2 <GO>

-- The U.S. Commodity Futures Trading Commission refused to delay implementation of curbs on speculative trading as the agency defends the Dodd-Frank Act rule against a federal lawsuit from Wall Street’s largest lobbying organizations. NSN LX8XOK07SXKX <GO>

-- Vedanta Resources Plc, India’s biggest aluminum maker, plans to build a 7 billion rupee ($132 million) caustic soda plant in a joint venture to cut raw material costs for its alumina refinery as prices decline. NSN LX9G780UQVI9 <GO>

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