By Bloomberg News May 6 (Bloomberg) -- Copper rose from the lowest level in more than 11 weeks on speculation the plunge in prices this week overstates the risk to the global economic recovery. Three-month delivery copper on the London Metal Exchange climbed as much as 1.8 percent to $7,085 a metric ton and traded at $7,080 by 9:20 a.m. in Shanghai. The metal tumbled to $6,958.50 a ton yesterday, the lowest close since Feb. 15. Lead, nickel and zinc also gained. The Reuters/Jefferies CRB Index of 19 raw materials completed its biggest two-day slide in three months yesterday as the dollar climbed and European debt concerns rattled investor confidence. Reports yesterday showed service industries in the U.S., the world’s second-largest copper user, expanded for a fourth month while stockpiles of the metal monitored by the LME declined for a seventh session. “Fundamentally, copper inventories showed a steady decline, yet sentiment is bearish due to euro-zone debt issues and China’s credit tightening,” Li Qiang, an analyst at Xinhu Futures Co. said from Shanghai. Copper for August delivery rose as much as 1.1 percent to 57,520 yuan ($8,425) a ton in Shanghai and last traded at 57,120. London copper has fallen 11 percent the past month as China, the world’s biggest metals user, tightened lending controls and policy makers in Europe haggled over a 110 billion euro ($142 billion) rescue package for Greece. European Central Bank council member Axel Weber yesterday said Greece’s fiscal crisis is threatening “grave contagion effects” in the region. The euro plunged to a 15-month low as riots over austerity proposals cost three lives in Athens. Lead climbed 3.9 percent to $2,015 a ton, nickel rose 4.3 percent to $22,870 and zinc increased 2.5 percent to $2,179 a ton. Aluminum advanced 0.4 percent to $2,129 a ton, and tin was yet to trade.

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