Copper rose in London on speculation the Federal Reserve will act to bolster the economy in the U.S., the world’s second-biggest consumer of the metal. The Fed holds its annual symposium this weekend in Jackson Hole, Wyoming. Last year Chairman Ben S. Bernanke hinted that the central bank might embark on a second round of asset purchases. Prices also gained as figures indicated that manufacturing in China, the largest copper user, may contract at a slower pace. “The important news this week will be obviously Bernanke’s speech in Jackson Hole,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “That’s what people are waiting for.” Copper for three-month delivery climbed $125, or 1.4 percent, to $8,845 a metric ton by 9:44 a.m. on the London Metal Exchange. Prices increased as much as 1.5 percent, the most in almost a week. Copper for December delivery rose 0.9 percent to $4.0105 a pound on the Comex in New York. The Fed bought $600 billion in Treasuries from November through June in a second stage of so-called quantitative easing, or QE2. The central bank said this month U.S. economic growth was “considerably slower” than anticipated and it’s ready to use a range of policy tools to boost the economy. Factory Gauge A Chinese manufacturing index released today by HSBC Holdings Plc and Markit Economics showed a preliminary reading for August of 49.8, compared with the final 49.3 for July. The final August figure is due Sept. 1. A level below 50 signals a contraction. Imports of scrap and refined copper into China in July rose from the previous month and were above the year-to-date average, customs data showed yesterday. Inbound shipments of refined metal gained for a second month and scrap imports rose to the highest level since December. Refined copper “imports were better than a month before, and that’s slightly positive,” Kryuchenkov said. “We’re still trading on pretty much macro news.” LME copper has slid 10 percent in August, on course for the biggest monthly drop since December 2008, as world equities plunged on concern about slowing economies and sovereign debts in the U.S. and Europe. Today the MSCI World (MXWO) Index of shares gained for the first session in four and a weaker dollar made metals priced in the currency cheaper in terms of other monies. Aluminum for three-month delivery on the LME rose 0.9 percent to $2,359 a ton. The lightweight metal for immediate delivery closed at a discount of $36.50 a ton to the three-month contract yesterday after the so-called contango reached $36.65, the widest level since September 2010. Stockpiles of aluminum alloy tracked by the LME climbed to 131,060 tons, the highest level since at least 1994, on a gain in Gwangyang in South Korea, daily exchange data showed. Zinc gained 1.5 percent to $2,185 a ton and lead climbed 1.7 percent to $2,299.50 a ton. Nickel rose 1.2 percent to $21,100 a ton and tin advanced 2 percent to $23,300 a ton. 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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