By Claudia Carpenter

Dec. 30 (Bloomberg) -- Copper climbed to a record in London after a report that China’s manufacturing is expanding, signaling more demand for industrial metals.

Market News:

-- The dollar fell against most major counterparts as signs the global recovery is gathering momentum spurred demand for higher- yielding assets. {NSN LE87ZF6S972D <GO>}

-- An index of China’s manufacturing growth slowed for the first time in five months in December as the government tightened monetary policy and chased energy-efficiency and pollution targets, a survey indicated. The index fell to 54.4 from 55.3. A reading over 50 signals expansion. {NSN LE83WP1A1I4H <GO>}

-- China’s economy may grow 9.5 percent next year, according to RBC Capital Markets. That’s up from its previous estimate of 8.8 percent expansion. {NSN LE89HL6KLVR4 <GO>}

-- South Korea’s industrial production increased for the 17th straight month and the current account may post a $29 billion surplus this year, supporting the case for the central bank to increase borrowing costs again. {NSN LE829O0UQVI9 <GO>}

-- China’s stocks, the worst-performing equities market among major developing countries this year, are poised to rebound in 2011 as the government keeps inflation under control, according to investor Mark Mobius. {NSN LE7YBS07SXKX <GO>}

-- Asian currencies strengthened and copper rallied to a record on speculation the global recovery is gathering momentum. Gains in the region’s equity markets were limited by a slump in Japan’s Nikkei 225 Stock Average. {NSN LE82TC1A1I4H <GO>}

Metals News:

-- Copper, which has surged 27 percent this year, may extend a rally to reach a record $11,000 a metric ton in the first half of next year, according to a technical analyst with Samsung Securities Co. {NSN LE7XU96TTDS0 <GO>}

-- BHP Billiton Ltd. declared force majeure for some specific coal products mined at its Bowen Basin operations in Australia’s Queensland state. {NSN LE86ZQ6KLVR4 <GO>}

-- Global initial public offerings by mining and basic material companies may reach a record next year, after the biggest gain of any industry in 2010, as China and India drive up metal prices and attract investors. {NSN LE7XTW1A1I4H <GO>}

-- National Commodity & Derivatives Exchange Ltd., India’s second-largest such bourse, said steel-futures trading volumes will grow less than previously forecast this fiscal year because of a reduction in volatility. {NSN LE86PR6TTDS0 <GO>}

-- China issued its first batch of 2011 silver export quotas at 3,405 metric tons, the Ministry of Commerce said in a statement on its website, without giving a comparative figure for this year. {NSN LE81B86TTDTW <GO>}

--Editors: Claudia Carpenter,

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@abloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter@bloomberg.net.

Source: http://www.businessweek.com/news/2010-12-30/copper-rises-to-record-in-london-on-china-s-growth-lme-preview.html