Copper rose the most in a week in London as imports of the metal into China, the world’s biggest consumer, advanced for a seventh month to a record. Chinese imports of unwrought copper and products gained 13 percent on the month in December to 508,942 metric tons, customs figures showed today. Copper also climbed as the benchmark Shanghai Composite Index of stocks rallied on optimism Chinese officials may loosen monetary policy in an effort to spur economic growth. The increase in imports is “a positive,� Walter de Wet, head of commodities research at Standard Bank Plc in London, said by phone. “It’s largely a function of the arbitrage that’s been open,� he said, referring to buyers capitalizing on gaps between copper prices in London and Shanghai. Copper for delivery in three months advanced 1.7 percent to $7,623 a ton by 10:40 a.m. on the London Metal Exchange. Prices rose as much as 1.8 percent, the most since Jan. 3. Copper for March delivery added 1.3 percent to $3.462 a pound on the Comex in New York. Annual shipments of the metal into China dropped 5.1 percent to 4.07 million tons last year, the first decline since 2008, customs data showed. Policy makers in the Asian country will probably ease real- estate curbs as early as the middle of the year to prevent a collapse of the housing market, according to UBS AG. Construction generates a quarter of demand for copper, used in pipes and wiring, according to the Copper Development Association. LME Inventories Copper stockpiles tracked by the LME declined 0.4 percent to 365,375 tons, the lowest level since Dec. 22, daily exchange figures showed. Orders to draw the metal from LME warehouses, or canceled warrants, gained 2 percent to 40,375 tons on an increase in Rotterdam. Aluminum for three-month delivery on the LME rose 1.1 percent to $2,132 a ton. World demand for the lightweight metal will rise 7 percent this year, slowing from last year’s 10 percent, and will exceed supply by 600,000 tons, Alcoa Inc. (AA), the world’s third-biggest producer, said yesterday as it reported a fourth-quarter loss. Alcoa also said it will curtail production at smelters in Italy and Spain as part of a plan to cut its global smelting capacity by 12 percent. More than 50 percent of world smelting capacity is cash-negative at about $2,000 a ton, according to Royal Bank of Scotland Group Plc. “The recent cutback news and a pickup in warrant cancellations underpinned aluminum,� William Adams, head of research at Basemetals.com, said in a report today. Canceled warrants for the metal jumped 15 percent to a record 744,925 tons yesterday. Zinc gained 1.5 percent to $1,908 a ton, lead climbed 2.8 percent to $2,021 a ton, nickel advanced 0.5 percent to $19,200 a ton and tin climbed 1.5 percent to $20,100 a ton. All four metals are also probably finding support on prospects for production curbs because some output would be loss-making at current prices, Adams said. 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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