Copper Heads for Weekly Drop on Economy Concerns: LME Preview

Aug. 12 (Bloomberg) –Copper headed for a second weekly loss in London amid concern that the global economy is slowing down and demand for industrial metals may decline.

Market News:

Metals News:

Metal Prices:
-- Copper declined $13.25, or 0.2 percent, to $8,867 a metric
ton by 7:46 a.m. on the London Metal Exchange. Relative Strength
Index 35.7.
-- Aluminum was little-changed at $2,411 a ton. RSI 35.2.
-- Zinc advanced 0.6 percent to $2,200 a ton. RSI 39.1.
-- Lead jumped 0.8 percent to $2,403 a ton. RSI 40.1.
-- Nickel advanced 0.2 percent to $21,636 a ton. RSI 35.5.
-- Tin rose 2.1 percent to $24,100 a ton. RSI 37.

Other markets:      Last           % Change   % YTD
U.S. Dollar Index   74.714           0.2       -5.4
Crude oil           $84.37           1.6       -7.7
Gold                $1,747.73       -0.9       23.0
MSCI World Index    1,166.20        0.03       -8.9

Economic events:
                                      Forecast  Prior     Time
                                                        (London)
Eurozone Industrial Production  (MoM)    0.0%     0.2%    10:00
U.S. Advance Retail Sales        JUL     0.5%     0.1%    13:30
U.S. University of Michigan Confidence
                                AUG P    62.0     63.7    14:55
U.S. Business Inventories        JUN     0.5%     1.0%    15:00