Copper Drops Before Obama’s Speech on Stimulus: LME Preview

Sept. 8 (Bloomberg) –Copper may decline as the market waits for details of U.S. President Barack Obama’s plan to provide more than $300 billion in economic stimulus.

Market News:

Metals News:

Metal Prices:
-- Copper fell $12, or 0.1 percent, to $9,087 a metric ton by
7:50 a.m. on the London Metal Exchange. Relative Strength Index
49.8.
-- Aluminum declined 0.3 percent to $2,398 a ton. RSI 45.6.
-- Zinc dropped 0.6 percent to $2,227 a ton. RSI 48.4.
-- Lead was little-changed at $2,416 a ton. RSI 47.3.
-- Nickel advanced 0.3 percent to $21,831 a ton. RSI 50.1.
-- Tin was down 0.4 percent at $24,275 a ton. RSI 48.4.

Other markets:
                    Last           % Change   % YTD

U.S. Dollar Index   75.570           0.1       -4.4
Crude oil           $89.37           0.03      -2.2
Gold                $1,843.50        1.4       29.8
MSCI World Index    1,174.55         0.1       -8.2

Economic events:
                                      Forecast  Prior     Time
                                                        (London)
ECB Announces Interest Rates           1.50%   1.50%      12:45
U.S. Trade Balance              JUL  -$51.0B  -$53.1B     13:30
U.S. Initial Jobless Claims   SEPT 3   405K    409K       13:30