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Copper Heads for Monthly Gain on Escondida Strike: LME Preview
Jul 29,2011 17:16CST
industry news
Source:SMM
Copper headed for a second monthly gain.

Jul. 29 (Bloomberg) –Copper headed for a second monthly gain after BHP Billiton Ltd. canceled shipments from Chile’s Escondida mine, the world’s biggest producer of the metal, as workers vowed to extend a weeklong strike.

Market News:

Metals News:

Metal Prices:
-- Copper fell 0.2 percent to $9,797.50 a metric ton by 8:04
a.m. on the London Metal Exchange. Relative Strength Index 62.2.
-- Aluminum fell 0.6 percent to $2,623 a ton. RSI 59.6.
-- Zinc fell 0.7 percent to $2,502.25 a ton. RSI 63.
-- Lead dropped 0.4 percent to $2,646 a ton. RSI 48.1
-- Nickel fell 0.4 percent to $24,461 a ton. RSI 61.7.
-- Tin rose 0.1 percent to $28,520 a ton. RSI 64.4.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   74.347           0.3       -5.9
Crude oil           $96.96          -0.5        6.1
Gold                $1,613.85       -0.1       13.6
MSCI World Index    1,310.49        -0.2        2.4

Economic Events:
                                    Forecast     Prior     Time
                                                        (London)
Eurozone CPI Estimate (YoY)             2.7%      2.7%     10:00
U.S. GDP              (2Q)              1.8%      1.9%     13:30
U.S. University of Michigan
Confidence             JUL              64.0      63.8     14:55
 

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