Copper Falls as Greece’s Rescue Package Is Delayed: LME Preview
February 10, 2012, 3:46 AM ESTBy Maria Kolesnikova
Feb. 10 (Bloomberg) -- Copper declined as European finance ministers held back a rescue package for Greece, fueling concerns that Europe’s sovereign-debt crisis may curb global economic growth.
Market News:
-- European equity futures and copper fell, while Treasuries rose and the euro weakened after regional finance ministers held back a rescue package for Greece. Asian stocks slid the most in eight weeks as China’s exports dropped. NSN LZ61FC6K50Y0 <GO>
-- China’s exports fell and imports slid more than forecast in January, the first declines in two years, as a weeklong holiday disrupted trade and commodity prices dropped. NSN LZ5W6I0UQVI9 <GO>
-- European finance ministers held back a rescue package for Greece in a rebuff that left lawmakers in Athens under government pressure to endorse a newly minted austerity plan or exit the euro. NSN LZ5VRC6JTSED <GO>
-- Greek Finance Minister Evangelos Venizelos pressed domestic political leaders to yield to conditions for a bailout, saying a refusal would open the way for the country’s exit from the euro. NSN LZ5KR36KLVR4 <GO>
-- The trade deficit in the U.S. probably widened in December to a six-month high as imports outpaced exports, economists said before a report today. NSN LZ5AV21A74E9 <GO>
-- Barclays Plc, the 322-year-old British bank, said full-year profit fell 16 percent as investment-banking revenue shrank. NSN LZ618H6JIJUO <GO>
Metals News:
-- Copper imports by China, the largest user, fell for the first time in eight months in January after a week-long holiday slowed customs clearance. Scrap copper purchases halved. NSN LZ60TX6S9728 <GO>
-- Copper stockpiles monitored by the Shanghai Futures Exchange gained 18,311 metric tons to 198,202 tons this week, according to a statement posted on the bourse’s website today. NSN LZ635S6S9728 <GO>
-- Copper traders turned bullish for the first time in seven weeks on mounting confidence that global growth will strengthen, diminishing stockpiles after a year in which mine production fell by a record amount. NSN LZ5YKD6S9729 <GO>
-- Indonesia will ban exports of raw metals including copper, iron, nickel and bauxite starting in 2014. NSN LZ5TWR6JTSE8 <GO>
-- Xstrata Plc and Indophil Resources NL’s Philippine venture has appealed the government’s decision denying its environmental clearance application, Sagittarius Mines Inc. President Peter Forrestal told reporters in Manila today. NSN LZ5UPS6JTSE9 <GO>
