March 9 (Bloomberg) -- Copper rose for a second day in London after oil prices fell, easing concern about a potential slowdown of the global economic recovery that might curb demand for metals. Oil slid as much as 2 percent in New York yesterday before closing lower as speculation mounted that OPEC will consider boosting output to compensate for disruptions in Libya. Copper also climbed today before a report that may show industrial production gained in January in Germany, the largest European economy. “Risk appetite has rebounded a bit,” said Stephen Briggs, an analyst at BNP Paribas SA in London. “The oil price fell quite sharply yesterday, so that’s a sort of measure of slight easing of concerns about the situation in the MENA region.” Copper for three-month delivery advanced $60, or 0.6 percent, to $9,590 a metric ton by 10:05 a.m. on the London Metal Exchange. Copper for May delivery gained 0.6 percent to $4.3625 a pound on the Comex in New York. Prices also climbed as figures showed that Japanese machinery orders rose 4.2 percent in January, more than the 3 percent estimated by economists. The country was the world’s fifth-biggest copper consumer in 2009, and Germany ranked third. Copper stockpiles monitored by the LME fell 775 tons to 425,725 tons, daily exchange figures showed. They’re still up 22 percent from last year’s low on Dec. 10. “Quite clearly, the current market for copper is not tight,” Briggs said. Orders to draw metal from LME inventories, or canceled warrants, dropped 400 tons to 15,475 tons. Lower Premiums Copper premiums in Europe dropped to a two-year low, Standard Chartered Plc said in a report dated yesterday. “Demand in China is still lackluster,” analyst Dan Smith said. The country is the world’s largest copper user. Aluminum for three-month delivery on the LME increased 0.9 percent to $2,619 a ton and zinc gained 0.6 percent to $2,408 a ton. Lead rose 0.2 percent to $2,596 a ton, tin advanced 0.9 percent to $30,895 a ton and nickel added 1.6 percent to $27,250 a ton. --Editors: Dan Weeks, Claudia Carpenter. To contact the reporter on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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