April 26 (Bloomberg) -- Copper climbed for a second day as Greece moved toward securing an emergency aid package, reducing investor concern that the nation’s fiscal crisis may derail the European recovery while boosting prospects for a weaker dollar. Copper for three-month delivery on the London Metal Exchange advanced as much as 1.5 percent to $7,865 a metric ton, the highest level since April 16. The contract has surged 80 percent over the past year as the global economy, led by China, has emerged from the deepest recession since World War II. European Central Bank officials dismissed speculation that Greece’s budget crisis will spill over to other euro-region states. Officials in China this weekend pledged to extend “proactive” fiscal measures and maintain a “relatively easy” monetary policy, saying the global recovery remains tentative. “With Greece nearing getting aid, the dollar may return to a weak trend, which is positive for metals,” Zhao Kai, an analyst at Jinrui Futures Co., said from Shenzhen today. A weaker dollar can spur demand for commodities denominated in the U.S. currency. July-delivery copper on the Shanghai Futures Exchange climbed as much as 1.8 percent to 61,680 yuan ($9,034) a ton and last traded at 61,340 yuan. The three-month LME contract was at $7,830 a ton at 2:16 p.m. in Shanghai. Dollar Gains The dollar has strengthened about 7 percent against Europe’s common currency this year amid speculation that other members of the bloc may struggle to curb their deficits. The greenback earlier fell against the euro after Greek Finance Minister George Papaconstantinou told investors yesterday they will “lose their shirts” if they bet that Greece will default. China, the world’s biggest copper user, stepped up efforts to contain a housing bubble as previous measures failed to prevent property prices from surging by a record 11.7 percent in March. The China Securities Regulatory Commission has sent financing requests from 41 companies to the Ministry of Land and Resources for review, according to an April 24 statement. Government measures on real estate “will continue to dampen sentiment, though they may not change short-term metals demand in reality,” Zhu Haitao, an analyst at Zhongcai Futures Co., said from Shanghai today. “We’ve probably seen the peak of copper for this quarter as there remains selling pressure at the $8,000 level,” Zhu said. The metal rose to more than that price earlier this month for the first time since the collapse of Lehman Brothers Holdings Inc. in 2008. Aluminum rose 0.7 percent to $2,351 a ton, lead gained 1.2 percent to $2,328 a ton and zinc climbed 1.3 percent to $2,437 a ton. Nickel advanced 0.9 percent to $27,280 a ton and tin climbed 0.3 percent up at $19,049. --Li Xiaowei. With reporting by Zhang Shidong, Chua Kong Ho in Shanghai. Editor: Jake Lloyd-Smith To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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