Copper may rise for a third day in London after the Federal Reserve signaled it will keep stimulating the economy in the U.S., the world’s second-biggest consumer of the metal. Continued accommodative monetary policy will be needed to make further progress in lowering unemployment, Fed Chairman Ben S. Bernanke said yesterday. Prices also may gain after the premium for immediate-delivery copper to three-month metal reached the highest level in more than a year, potentially indicating concern about supply. The “Bernanke comments yesterday also aided sentiment,� along with the increased premium and this year’s 31 percent drop in copper inventories tracked by the London Metal Exchange, Nick Riley, head of LME sales at Marex Spectron Group in London, said by e-mail. Copper for three-month delivery climbed 0.4 percent to $8,567 a metric ton by 10:27 a.m. on the LME. Prices are up 13 percent in the current quarter. The May-delivery contract rose 0.3 percent to $3.90 a pound on the Comex in New York. Spot copper’s premium to the three-month LME contract climbed to $48, the highest level since December 2010. Bernanke is signaling continued stimulus at the same time that some economic reports indicate an improving U.S. economy. Housing starts stayed near a three-year high and a gauge of leading economic indicators advanced the most in 11 months, figures showed last week. Durable Goods Reports due this week may show manufacturers in the U.S. received more orders for durable goods and personal spending rose, according to Bloomberg News surveys of economists. The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, fell to the lowest level in more than three weeks by the close yesterday following Bernanke’s comments. A weaker dollar makes metals priced in the currency cheaper in terms of other monies. Copper inventories monitored by the LME rose for the first time in 24 sessions, climbing 1.4 percent to 257,575 tons on deliveries in Rotterdam and Singapore, daily exchange figures showed. Orders to draw the metal from LME warehouses, or canceled warrants, declined 1.1 percent to 84,100 tons. Aluminum for three-month delivery on the LME rose 0.2 percent to $2,190 a ton and zinc gained 1.2 percent to $2,044 a ton. Lead increased 0.8 percent to $2,017 a ton, nickel climbed 0.4 percent to $18,221 a ton and tin rose 1.3 percent to $22,739 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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