Copper Advances to Record on Currency Concerns: LME Preview-Shanghai Metals Market

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Copper Advances to Record on Currency Concerns: LME Preview

Industry News 09:42:01AM Dec 08, 2010 Source:SMM

Dec. 7 (Bloomberg) --Copper climbed to a record $8,973.50 a metric ton in London on concern that government moves to pump money into the global economy may weaken currencies, boosting demand for commodities as a hedge.

-- Copper rose $185.75, or 2.1 percent, to $8,955.25 a metric ton at 8:12 a.m. on the London Metal Exchange. Relative Strength Index 65.9.
-- Aluminum gained 1.4 percent to $2,338 a ton. RSI 51.8.
-- Zinc jumped 1.8 percent to $2,258 a ton. RSI 50.4.
-- Lead rose 1 percent to $2,374.50 a ton. RSI 52.2.
-- Nickel gained 1.3 percent to $23,899 a ton. RSI 59.2.
-- Tin rose 2.6 percent to $26,150 a ton. RSI 59.4.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   79.387          -0.2        2.0
Crude oil           $89.41           0.0       12.7
Gold                $1,422.65       -0.1       29.7
MSCI World Index    1,248.60         0.3        6.9

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)
U.K. industrial production (MoM)       0.3%       0.4%     9:30
Germany factory orders (MoM)           1.9%      -4.0%    11:00
Bank of Canada rate                    1.0%       1.0%    14:00
Consumer Credit OCT                  -$1.0B      $2.1B    20:00
ABC Consumer Confidence DEC 5                   -45       22:00

 

 

 


 

Copper Advances to Record on Currency Concerns: LME Preview

Industry News 09:42:01AM Dec 08, 2010 Source:SMM

Dec. 7 (Bloomberg) --Copper climbed to a record $8,973.50 a metric ton in London on concern that government moves to pump money into the global economy may weaken currencies, boosting demand for commodities as a hedge.

-- Copper rose $185.75, or 2.1 percent, to $8,955.25 a metric ton at 8:12 a.m. on the London Metal Exchange. Relative Strength Index 65.9.
-- Aluminum gained 1.4 percent to $2,338 a ton. RSI 51.8.
-- Zinc jumped 1.8 percent to $2,258 a ton. RSI 50.4.
-- Lead rose 1 percent to $2,374.50 a ton. RSI 52.2.
-- Nickel gained 1.3 percent to $23,899 a ton. RSI 59.2.
-- Tin rose 2.6 percent to $26,150 a ton. RSI 59.4.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   79.387          -0.2        2.0
Crude oil           $89.41           0.0       12.7
Gold                $1,422.65       -0.1       29.7
MSCI World Index    1,248.60         0.3        6.9

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)
U.K. industrial production (MoM)       0.3%       0.4%     9:30
Germany factory orders (MoM)           1.9%      -4.0%    11:00
Bank of Canada rate                    1.0%       1.0%    14:00
Consumer Credit OCT                  -$1.0B      $2.1B    20:00
ABC Consumer Confidence DEC 5                   -45       22:00