Copper Declines on China, Europe Manufacturing: LME Preview

Nov. 23 (Bloomberg) –Copper declined in London after a report indicated manufacturing in China, the biggest user, may contract this month by the most since March 2009 and as the euro slid ahead of the data that may add to signs that Europe’s debt crisis is damping economic growth.

Market News:

Metals News:

Metal Prices:
-- Copper fell $50, or 0.7 percent, to $7,280 a metric ton
by 7:35 a.m. on the London Metal Exchange. Relative Strength
Index 40.3.
-- Aluminum was little-changed at $2,070 a ton. RSI 38.3.
-- Zinc dropped 0.9 percent to $1,923 a ton. RSI 48.7.
-- Lead fell 0.7 percent to $2,005 a ton. RSI 48.7.
-- Nickel gained 0.1 percent to $17,575 a ton. RSI 40.1.
-- Tin fell 0.5 percent to $20,700 a ton. RSI 41.6.

Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   78.483            0.3           -0.7
Crude oil           $96.61           -1.4            5.7
Gold                $1,703.25         0.2           19.9
MSCI World Index    1,125.11         -0.2          -12.1

Economic events:
                                      Forecast  Prior     Time
                                                        (London)
Germany Manufacturing PMI         NOV      48.5   49.1     8:30
EC Manufacturing PMI              NOV      46.5   47.1     9:00
U.S. MBA Mortgage Applications   NOV 18     --   -10.0%   12:00
U.S. Durable Goods Orders         OCT      -1.2%  -0.6%   13:30
U.S. Personal Income              OCT       0.3%   0.1%   13:30
U.S. Personal Spending            OCT       0.3%   0.6%   13:30
U.S. Initial Jobless Claims      NOV 19    390K    388K   13:30
U.S. Univ. of Michigan Confidence NOV      64.5    64.2   14:55