Copper climbed to the highest in almost three weeks in Asia on speculation an easing of the global recession may be near, signaling a recovery in raw material demand. Government testing of bank balance sheets in the U.S., the world’s biggest economy, should reassure investors, Treasury Secretary Timothy Geithner said yesterday. U.S. companies cut an estimated 491,000 workers from payrolls last month, according to ADP Employer Services, less than forecast by economists surveyed by Bloomberg News. “Data has been quite positive lately and this is giving investors hope that prices will be supported by fundamentals,” Wu Jianjian, an analyst at Yongan Futures Co., said from Zhejiang. “We should see some profit-taking and risk reduction ahead of the U.S. employment numbers on Friday.” Copper for three-month delivery on the London Metal Exchange rose as much as 1.3 percent to $4,810 a metric ton, the highest since April 17, and traded at $4,765 at 11:15 a.m. Singapore time. The best performer on the exchange has advanced 56 percent this year on speculation demand will rebound as the global economy recovers. Copper for August delivery on the Shanghai Futures Exchange gained as much as 3.5 percent to 39,300 yuan ($5,760) a ton, and last traded at 38,670 yuan, up 6.8 percent this week. July futures in New York, the most active contract, fell 0.5 percent to $2.1750 a pound, after earlier climbing as much as 1.1 percent to $2.21, the highest since April 16. A report in the U.S. tomorrow will probably show unemployment reached a 25-year high in April, according to a Bloomberg News survey of economists. The labor market will lag behind as the economy emerges from the worst recession in at least 50 years, according to Federal Reserve projections. Among other LME-traded metals, aluminum slipped 0.3 percent to $1,565.25 a ton, zinc fell 1.8 percent to $1,570 a ton, and lead dipped 0.1 percent to $1,450 a ton. Nickel was little changed at $12,690 a ton, while tin hadn’t traded.

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