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Copper Advances for a Second Day in London Trading: LME Preview
Feb 10,2010 09:09CST
industry news
Source:SMM

Feb. 9 (Bloomberg) -- Copper climbed for a second day in London, and lead and nickel also advanced.
 
Market News
 
-- China Investment Corp., the nation's sovereign wealth fund, joined Goldman Sachs Group and Morgan Stanley & Co. in investing in the U.S. Oil Fund, an exchange-traded crude-futures fund. 

-- China's banks probably made more new loans in January than the previous three months combined as lenders anticipated a credit clampdown by policy makers seeking to stem rising inflation pressures. 

-- Most Asian stocks rose as speculation European officials will help Greece tackle its budget deficit prompted investors to take on more risk through technology and energy shares. Drugmakers and utilities declined. 
 
-- The yen and dollar fell on speculation European officials meeting this week will agree to assist Greece in tackling its deficit, reducing demand for the two currencies as a refuge. 

-- China's economic growth is "too strong" for government officials who are already trying to tighten credit, said Goldman Sachs Group Inc.'s Chief Global Economist Jim O'Neill. 

-- The European Central Bank may be forced to delay the withdrawal of emergency lending measures because it could inflame financial-market concerns about Greece, Spain and Portugal, economists said. 
 
Metals News

 
-- Copper imports by China may halve from last year's record as the government rolls back stimulus spending and curbs credit growth, according to China Minmetals Nonferrous Metals Co., the nation's largest metals trader. 
 
-- Posco, Asia's biggest stainless steelmaker by 2008 output, may increase throughput of the product by 22 percent this year because of economic recovery. 
 
-- China should work to reduce "excessive" iron ore imports after volume growth exceeded the pace of demand, the China Iron & Steel Association said. 

-- Copper, crude oil and sugar are the top picks among commodities, with the three set to gain on increasing emerging- market demand and supply constraints as the global economy recovers, according to Morgan Stanley. 
 

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