Copper May Decline as Shanghai Inventories Expand: LME Preview

Feb. 3 (Bloomberg) –Copper headed for the first weekly drop in four as stockpiles monitored by the Shanghai Futures Exchange rose to the highest since May 2010, boosting speculation demand in China, the biggest consumer, may be weakening.

Market News:

Metals News:

Metal Prices:
-- Copper was little changed at $8,349.75 a metric ton by 8:49
a.m. on the London Metal Exchange. Relative Strength Index 59.
-- Aluminum gained 0.7 percent to $2,209.25 a ton. RSI 54.
-- Zinc rose 0.2 percent to $2,100 a ton. RSI 59.
-- Lead was little changed at $2,165 a ton. RSI 52.
-- Nickel was little changed at $20,868 a ton. RSI 62.
-- Tin fell 1 percent to $23,900 a ton. RSI 70.

Other Markets:
                     Last           % Change       % YTD
U.S. Dollar Index   78.988            0.0           -1.5
Crude oil           $96.45            0.1           -2.4
Gold                $1,758.83         0.0           12.5
MSCI World Index    1,258.82         -0.1            6.5


Economic Events:
                                    Forecast    Prior     Time
                                                        (London)
Euro-zone retail sales MoM      DEC    0.3%    -0.4%       10:00
U.S. change in nonfarm-payrolls JAN    140K     200K       13:30
U.S. unemployment rate          JAN    8.5%     8.5%       13:30
U.S. factory orders             DEC    1.5%     1.8%       15:00