Copper rose for a second day in London as the dollar weakened, spurring demand for commodities as an alternative investment, on the prospect of a European Union-led bailout for Ireland. Equities advanced and the euro strengthened as Irish central-bank Governor Patrick Honohan said he expects the country to tap a loan from the EU and the International Monetary Fund. London-traded copper slid the most since May on Nov. 16 on concern demand might weaken as China moves to curb inflation after climbing to a record five days earlier. “The reality is that China remains strong and is not likely to weaken significantly,” said David Thurtell, an analyst at Citigroup Inc. in London. “There was very strong consumer demand for base metals at the lows yesterday,” he said, calling declines earlier in the week “a panic by funds and traders trying to lock in something for the year.” Copper for delivery in three months climbed $176, or 2.1 percent, to $8,366 a metric ton at 9:56 a.m. on the London Metal Exchange. Copper for delivery in March added 2.1 percent to $3.813 a pound on the Comex in New York. All of the six main metals traded on the LME gained, led by zinc. The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, slid as much as 0.8 percent. A weaker dollar also makes commodities priced in the currency cheaper in terms of other monies. Raw materials from crude oil to sugar advanced. Talks in Dublin “Despite that relief rally, markets will remain focused on the debt restructuring/bailout negotiations in Dublin today,” said Chris Weafer, Moscow-based chief strategist at UralSib Financial Corp. EU and IMF officials jet into Dublin today as the Irish government edges closer to accepting a bailout for its national finances and the banking system. Dollar weakness is “just a symptom of the easing of Ireland jitters,” Citigroup’s Thurtell said. Orders to draw copper from LME inventories, or canceled warrants, have reached 9.7 percent of stockpiles, the highest level since 2009’s second quarter, according to Thurtell. That poses a risk of removal of a substantial portion of stocks from warehouses, potentially resulting in a severe shortage, he said. Canceled warrants fell 0.6 percent to 34,775 tons today, daily exchange figures showed. LME copper stockpiles, which have shrunk for 39 weeks in a row, were little changed at 360,600 tons. Bonus Offer Anglo American Plc and Xstrata Plc’s Collahuasi copper mine in Chile raised a bonus offer to workers in a bid to end a 13- day strike. The mine accounted for 3.5 percent of last year’s global output, according to Standard Bank Plc. Concern that the strike might restrict production helped to drive prices to a record. Figures due at 3 p.m. London time may show improvements in a gauge of the U.S. economy’s outlook and manufacturing in the Philadelphia region. The index of U.S. leading indicators probably rose 0.5 percent in October, the most in five months, and the Philadelphia Federal Reserve Bank’s general economic index gained to 5 this month, said economists surveyed by Bloomberg. Tin for three-month delivery on the LME rose 1.9 percent to $25,210 a ton. Prices reached a record $27,500 on Nov. 9. The metal has jumped 49 percent this year, leading advances on the exchange, after production was disrupted in Indonesia and the Democratic Republic of the Congo. Aluminum rose 1.1 percent to $2,301 a ton and nickel climbed 1.8 percent to $21,930 a ton. Lead gained 3.2 percent to $2,338 a ton and zinc added 3.6 percent to $2,189.75 a ton. To contact the reporter on this story: Maria Kolesnikova in Moscow at mkolesnikova@bloomberg.net To contact the editor responsible for this story: Claudia Carpenter at ccarpenter@bloomberg.net.

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