Copper Gains on Fed’s Rates Pledge, Chinese Imports: LME Preview

Aug. 10 (Bloomberg) –Copper gained for the first time in six days after the U.S. Federal Reserve pledged to keep its benchmark interest rate at a record low through at least mid-2013, and imports of the metal into China rose for a second month.

Market News:

Metals News:

Metal Prices:
-- Copper gained $168, or 1.9 percent, to $8,889 a metric ton by
7:40 a.m. on the London Metal Exchange. Relative Strength
Index 33.2.
-- Aluminum gained 1.1 percent to $2,433.50 a ton. RSI 37.6.
-- Zinc advanced 3.1 percent to $2,165 a ton. RSI 34.7.
-- Lead jumped 3.2 percent to $2,325 a ton. RSI 33.1.
-- Nickel advanced 2.8 percent to $21,800 a ton. RSI 36.5.
-- Tin rose 2.9 percent to $23,400 a ton. RSI 29.7.

Other markets:      Last           % Change   % YTD
Crude oil           $81.69           3.0      -10.6
Gold                $1,752.90        0.7       23.4
MSCI World Index    1,172.42         0.7       -8.4

Economic events:
                                      Forecast  Prior     Time
                                                        (London)
U.S. MBA Mortgage Applications  AUG 5    --     7.1%      12:00
U.S. Wholesale Inventories        JUN    1.0%   1.8%      15:00
U.S. Monthly Budget Statement     JUL   -$135B  -$165B    19:00