Bloomberg News

Copper Advances on Growth Speculation After Greece: LME Preview

February 13, 2012

Feb. 13 (Bloomberg) -- Copper climbed in London on speculation Greece’s austerity plans will help investors to focus on economic growth, spurring demand for industrial metals.

Market News:

-- Greek Prime Minister Lucas Papademos won parliamentary approval for austerity measures to secure an international bailout after rioters protesting the measures battled police and set fire to buildings in downtown Athens. {NSN LZBGUH6K50YD <GO>}

-- Asia stocks advanced, extending the longest run of weekly gains since 2005, and the euro rose after Greek lawmakers approved austerity plans to secure rescue funds. The yen fell as Japan’s economy shrank, while oil climbed after shipping companies said they would stop carrying Iranian crude. {NSN LZBFOL6K50XS <GO>}

-- Japan’s economy shrank an annualized 2.3 percent in the fourth quarter, more than economists estimated, as slumping exports undermine a recovery from last year’s record earthquake. {NSN LZBEQ06S9729 <GO>}

-- The Standard & Poor’s 500 Index’s biggest rally to start a year since 1991 is coinciding with a 15 percent increase in President Barack Obama’s re-election odds, showing growing investor confidence in the U.S. economy. {NSN LZAZ3O6JTSE8 <GO>}

-- Hedge funds increased bets on rising commodity prices to the highest since September on mounting confidence that growth in the U.S. will strengthen demand. {NSN LZBHM41A74E9 <GO>}

Metals News:

-- Pan Pacific Copper Co., Japan’s largest producer, restarted its Saganoseki smelter after a fire halted operations and planned to postpone its scheduled maintenance at another smelter to recover lost output. {NSN LZBDC11A74E9 <GO>}

-- The Philippines is considering measures to tighten mining rules, cut tax breaks and review resource contracts under a policy that would boost state revenue from mining and limit the industry’s impact on the environment. {NSN LZB7B107SXKX <GO>}

-- United Co. Rusal, the world’s largest aluminum producer, expects global demand growth for the metal will slow this year as consumption in Europe remains flat, prompting producers to idle capacity. {NSN LZB8FE6S9728 <GO>}

Metals Prices:

--Editors: Claudia Carpenter, Ana Monteiro

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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