Oct. 10 (Bloomberg) -- Copper rose to the highest in almost two weeks after the leaders of France and Germany pledged a plan to stem Europe’s debt crisis in three weeks. German Chancellor Angela Merkel and French President Nicolas Sarkozy said yesterday they will deliver a plan to recapitalize European banks and address the Greek debt crisis by the Nov. 3 Group of 20 summit. Belgium said today it will buy part of Dexia SA and provide security for depositors as part of a plan to rescue the lender. U.S. equities rallied. “News out of the euro zone looks to be constructive,” RBC Capital Markets LLC said today in a report. “We should continue to see a more positive view of commodities.” Copper futures for December delivery climbed 3.1 percent to $3.3735 a pound at 10:49 a.m. on the Comex in New York. Earlier, the price reached $3.38, the highest since Sept. 28. The metal is headed for a fourth day of gains, which would be the longest rally since late August. In Indonesia, two workers from Freeport-McMoRan Copper & Gold Inc.’s Grasberg mine, where employees are striking, were shot by police after protesters burned three company vehicles in a bus depot, according to a police spokesman. About 8,000 workers, or 70 percent of the mine’s workforce excluding contractors, started the stoppage on Sept. 15 for higher wages. “The strike at Grasberg seems to be escalating,” Commerzbank AG said in a report today. “Consequently, production shortages are increasingly likely, which is likely to intensify the already tight supply situation in the global copper market.” On the London Metal Exchange, copper for three-month delivery gained 1.3 percent to $7,462.25 a metric ton ($3.39 a pound). Zinc, lead, tin, aluminum and nickel also rose in London. --Editors: Millie Munshi, Stuart Wallace To contact the reporters on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net; Yi Tian in New York at ytian8@bloomberg.net To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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