Copper advanced for a fifth day in London, driving other industrial metals higher, as equities jumped and dwindling stockpiles signaled steady demand. Three-month delivery copper gained as much as 1.2 percent to $6,725 a metric ton on the London Metal Exchange. Asian stocks rallied after U.S. equities surged as growth in American retail sales bolstered optimism in the earnings season and investors speculated European banks will pass stress tests. “On the positive side for copper, equities are rising and LME stockpiles keep declining,” said Hwang Il Doo, a senior trader at KEB Futures Co. in Seoul. “Given these supportive factors, there might have been an influx of fund money into metals since the third quarter started.” LME copper climbed 0.4 percent to $6,673 a ton at 12:27 p.m. in Shanghai. Copper for September delivery rose 0.3 percent to $3.0225 a pound on the Comex in New York. Copper inventories tracked by the LME dropped to 439,350 tons, the lowest level since Nov. 30, and have fallen 13 percent this year. A full-year decline would be the first since 2004. Bookings to remove copper from LME warehouses rose 2.5 percent to 35,075 tons, just 350 tons less than the level on July 1, which was the highest in almost four months. The MSCI Asia Pacific Index climbed 1.8 percent to 115.27 as of 12:27 p.m. in Shanghai. The gauge has fallen 11 percent from its high this year on April 15 on concern Europe’s debt crisis and Chinese steps to curb property prices will hurt global growth. Oil climbed for a second day in New York. Equities Jump The U.S. Standard & Poor’s 500 Index surged 3.1 percent yesterday, the most since May, after the International Council of Shopping Centers trade group said retail sales probably expanded at an average monthly rate of 4 percent in the first five months of the retail fiscal year that began Jan. 31, the biggest gain since 2006. “With copper prices swinging close to the upper end of a recent range between $6,300 and $6,850, we may see some selling later this week,” KEB’s Hwang said. Copper for October delivery climbed 1.8 percent to 53,090 yuan ($7,834) a ton on the Shanghai Futures Exchange at the 11:30 a.m. local time break. Shanghai aluminum was up 0.4 percent at 14,975 yuan and zinc rose 1.1 percent to 15,365 yuan. Aluminum for three-month delivery in London gained 0.7 percent to $2,000 a ton, zinc increased 0.8 percent to $1,868 and lead climbed 1.4 percent to $1,820 a ton. Nickel rose 0.8 percent to $19,300 a ton and tin was unchanged at $17,650. To contact the reporter on this story: Jae Hur in Tokyo at jhur1@bloomberg.net

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