Copper advanced for a fifth day in London, the longest winning streak in a month, on a weaker dollar, rising global equities and falling stockpiles. The MSCI World Index of shares rose for a third day, jumping 3.2 percent this week. Copper inventories in warehouses monitored by the London Metal Exchange fell for a tenth day. The Dollar Index, a gauge of the currency’s value against six major counterparts, also dropped for a third day, making dollar- denominated metals cheaper for holders of the euro and pound. “Copper and the other metals are taking their cue from equities and I think a big factor here is the weaker dollar that is supportive,” Robin Bhar, an analyst at Credit Agricole SA’s Calyon unit in London, said by phone today. Copper for three-month delivery rose $60, or 1.3 percent, to $4,590 a metric ton by 9:51 a.m. on the LME, delivering the longest winning streak since April 15. The metal for July delivery climbed 1 percent to $2.0905 a pound on the New York Mercantile Exchange’s Comex division. Stockpiles of copper in LME-monitored warehouses fell 2 percent to 341,475 tons, for a 16 percent decline in May. “There is still room to be bullish” with stockpiles falling, William Adams, an analyst at BaseMetals.com, said in a report. Still, “too much optimism is already priced into the markets,” he said, making them “vulnerable to setbacks.” Copper has gained 3.5 percent on the LME so far in May, after four straight months of gains because of restocking by China, the world’s largest consumer of the metal. Looking Forward The more forward looking data suggest “that we are bottoming out here,” Bhar said. Germany investor confidence climbed to a three-year high yesterday. Aluminum for three-month delivery climbed 0.1 percent to $1,501 a ton. LME-monitored inventories of the lightweight metal rose 2 percent today to a record 4.14 million tons. Lead rose 0.3 percent to $1,490 a ton, while zinc held at $1,523 a ton. Nickel gained 1.4 percent to $12,650 a ton. Tin rose 0.4 percent to $13,700 a ton.

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