SF: Copper Falls on Speculation of More Tightening: LME Preview
Jan. 7 (Bloomberg) -- Copper in London headed for the first weekly drop in six as concerns that China is set to further tighten monetary policy in the first quarter curbed demand, while rising inventories signaled adequate supply.
Market News:
-- Asian stocks fell, erasing the week's gains, after Samsung Electronics Co.'s profit decline fueled concern share gains are outpacing earnings growth. Default risk jumped to a one-month high and the euro reached the lowest in more than three months. {NSN LEN3M30UQVI9 }
-- The dollar rose to a two-week high against the yen before a U.S. report today which may show employers added jobs for a third month, supporting demand for assets in the world's largest economy. {NSN LEN4JT6S972B }
-- China may report a $20.8 billion trade surplus for December, adding to pressure for yuan gains nine days before Presidents Hu Jintao and Barack Obama meet to discuss issues including global economic imbalances. {NSN LELOJY0UQVI9 }
-- Employment in the U.S. probably picked up in December, raising the odds the world's largest economy will continue to strengthen in 2011, economists said before a report today. {NSN LEMDCU07SXKX }
-- The Group of Seven economies will be surpassed in size by the largest emerging markets in just over two decades as the financial crisis accelerates the shift of power in the global economy, PricewaterhouseCoopers LLP said. {NSN LEM2K40YHQ0X }
Metals News:
-- The top U.S. commodity regulator will consider a plan next week to curb speculation in raw materials including oil, gold and wheat as part of the most sweeping rewrite of Wall Street rules since the 1930s. {NSN LEMDPN1A1I4H }
-- Copper may fall on speculation manufacturers and investors will hold off on purchases because of high prices, resulting in more supplies, a survey showed. {NSN LEM39D6K50XZ }
-- National Aluminium Co., India's second-biggest producer of the metal, is seeking to buy uranium mines in Canada, Mongolia and Namibia to secure supplies for its first move into nuclear energy. {NSN LEMYMO1A74E9 }
-- Goldman Sachs Group Inc. said it's negative on Chinese steel stocks on a "12-month horizon" because of rising production, weakening demand and the potential for more policy tightening measures. {NSN LEMP1L6KLVR4 }
