BLBG:Copper Climbs Most in Six Weeks on Suggestion of Asian Revival
Copper rose the most in six weeks in London, narrowing the first monthly drop since July, after reports suggesting a revival in Asian economies bolstered prospects for demand.
Taiwan’s economy resumed growth last quarter, South Korean production climbed for the first time in four months and Singapore’s jobless rate fell. An official gauge due tomorrow may show manufacturing in China, the biggest copper consumer, expanded for a first month in three in October, according to a Bloomberg survey of economists.
“The HSBC flash numbers were more positive,” David Wilson, an analyst at Citigroup Inc. in London, said by e-mail, referring to preliminary October manufacturing figures for China released a week ago by HSBC Holdings Plc and Markit Economics. “There is no real sense of direction.”
Copper for delivery in three months gained 1.3 percent to $7,817 a metric ton by 10:02 a.m. on the London Metal Exchange. Prices climbed as much as 1.5 percent, the most since Sept. 14, and are down 4.7 percent this month. Copper for December delivery advanced 1.2 percent to $3.547 a pound on the Comex in New York.
Comex floor trading will take place today for the first time since Oct. 26, according to the website of CME Group Inc., which owns the exchange. The floor was shut for this week’s first two days because of Atlantic superstorm Sandy.
LME copper gained as much as 1 percent yesterday on prospects for usage of the metal to strengthen in China. Total Chinese demand, including refined and scrap metal, may gain an average 6 percent a year from 2011 to 2015, said Wang Zhongkui, deputy general manager of Beijing Antaike Information Development Co.
Copper stockpiles monitored by the LME, down 35 percent this year, declined for a first day in four to 239,775 tons, daily figures showed. Orders to withdraw the metal from warehouses increased 1.3 percent to 41,675 tons on bookings in St. Louis.
Aluminum, zinc, lead, nickel and tin advanced in London.
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
