Bloomberg News

Copper Jumps in London on Greece Bailout Agreement: LME Preview

February 21, 2012

Feb. 21 (Bloomberg) -- Copper jumped in London after euro- area finance ministers reached agreement on a second debt bailout package for Greece, boosting the demand outlook for raw materials.

Market News:

-- European equity futures and metals climbed, while the euro reached a three-month high against the yen after Greece won a second rescue package. Asian stocks slid, led by consumer companies. NSN LZQERF0UQVI9 <GO>

-- Debt-stricken Greece won a second bailout after European governments wrung concessions from private investors and tapped into European Central Bank profits to shield the euro area from a precedent-setting default. NSN LZQCWD0YHQ0X <GO>

-- Treasuries fell for a third day after European finance ministers reached agreement on a second bailout package for Greece aimed at staving off default and keeping the 17-nation euro area together. NSN LZQE446JIJUU <GO>

-- UBS AG’s decision to become first-confessor as regulators probe the alleged manipulation of interest rates will ratchet up the risks for other banks that set the benchmark for $360 trillion of securities worldwide. NSN LZPPA20D9L35 <GO>

-- Oil traded near the highest price in nine months after euro- area finance ministers agreed on a second bailout for Greece, improving prospects for fuel demand. NSN LZQE9F07SXKX <GO>

Metals News:

-- Refined copper imports by China declined for the first time in eight months as unprofitable arbitrage trade since the fourth quarter reduced arrivals and a week-long holiday slowed customs clearance. NSN LZQF5A6S972D <GO>

-- Zinc-processing fees may fall about 4.3 percent this year as tightening supplies of ore force smelters to offer their services to mining companies at a discount, a Bloomberg survey showed. NSN LZQ4G76JIJV6 <GO>

-- Rio Tinto Group, the second-biggest iron ore exporter, expects prices to remain volatile in the first half as demand slows from Chinese steel mills and the European debt crisis crimps the outlook for global growth. NSN LZQ3FZ1A74E9 <GO>

-- China is clamping down on overcapacity in the world’s biggest automobile market, benefiting companies with entrenched production and sales, such as General Motors Co., while hurting newcomers to the market. NSN LZO8KA6JTSE8 <GO>

-- A worker died in an incident at Anglo American Plc and Xstrata Plc’s Collahuasi copper mine in Chile yesterday, company spokeswoman Bernardita Fernandez said by telephone. NSN LZQALL6K50Y0 <GO>

Steve Ballmer, Power Forward
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