BLBG:Copper Rises First Day in Three Before U.S. Retail Sales
Copper gained for the first time in three days in London before reports that may show the U.S. economy is recovering. Aluminum, lead, nickel, tin and zinc also advanced.
Metal for delivery in three months on the London Metal Exchange rose as much as 0.4 percent to $8,035 a metric ton, before trading at $8,027 by 10:12 a.m. in Shanghai. Copper for March delivery on the Comex in New York rose 0.4 percent to $3.6470 per pound.
Retail sales probably rose for a second month in December in the U.S., according to a Bloomberg News survey of economists before Commerce Department data today. Other reports to be released tomorrow may show gains in industrial production and homebuilding. The dollar traded near a 10-month low against the euro as Treasury Secretary Timothy F. Geithner warned that failure to raise the debt ceiling by early March would “impose severe economic hardship.”
“A recovering U.S. economy and an overall risk-on mode is supporting copper prices,” Zhang Sida, an analyst at Dalu Futures Co., said by phone from Shanghai. “Copper will probably trade between $7,900-$8,200 before the Chinese New Year in a quiet physical market.”
Futures for April delivery on the Shanghai Futures Exchange fell 0.6 percent to 58,160 yuan ($9,355) a ton after declining 0.6 percent in London yesterday.
To contact Bloomberg News staff for this story: Helen Sun in Shanghai at hsun30@bloomberg.net
To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net
