Copper Falls in London on Speculation of More Tightening: LME Preview

Jan. 7 (Bloomberg) --Copper in London headed for the first weekly drop in six as concerns that China is set to further tighten monetary policy in the first quarter curbed demand, while rising inventories signaled adequate supply.

-- Copper fell $129, or 1.4 percent, to $9,346 a metric ton by 7:58 a.m. on the London Metal Exchange. Relative Strength Index 59.
-- Aluminum dropped 1.2 percent to $2,488 a ton. RSI 61.
-- Zinc declined 2.7 percent to $2,388 a ton. RSI 55.
-- Lead decreased 1.4 percent to $2,620 a ton. RSI 66.
-- Nickel was down 1.1 percent to $24,300 a ton. RSI 52.
-- Tin dropped 0.3 percent to $26,150 a ton. RSI 51.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   80.982             0.2      2.5
Crude oil           $88.46             0.1     -3.2
Gold               $1,367.32          -0.3     -3.8
MSCI World Index    1,281.72          -0.2      0.1

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)

EC Eurozone GDP                      0.4%         0.4%    10:00
US Change in Nonfarm Payrolls        150K         39K     13:30
US Consumer Credit                   $0.5B        $3.4B   20:00