BLBG:Copper Rises First Time in Four Days as Metals Climb on Germany
Copper gained for the first time in four days in London after data showed an improvement in economic sentiment in Germany, the third largest user of the metal. Aluminum, lead and nickel also advanced.
Copper for delivery in three months climbed as much as 0.6 percent to $8,097.25 a metric ton on the London Metal Exchange before trading at $8,087.25 by 10:47 a.m. Shanghai time. It fell to $8,038 yesterday, the lowest since Jan. 29. Nickel rose as much as 0.9 percent to $17,540 a ton slumping after losing 5.4 percent in the first two days of this week.
German investor confidence jumped more than economists forecast in February to the highest in almost three years. The European Commission may say today its index of consumer confidence improved, while in the U.S. the Federal Open Market Committee will release minutes from the Jan. 29-30 meeting. The Dollar Index, a gauge of the currency against six major counterparts, declined as much as 0.2 percent today.
“The improvement in data from Europe and the U.S. will probably drive copper prices higher,” said Wang Jun, an analyst at Beijing Cifco Futures Co. “There’s not much downside for copper right now as we’re about to enter a season when consumption usually increases.”
Copper for May delivery on the Shanghai Futures Exchange traded little changed at 58,740 yuan ($9,401) a ton. The May contract on the Comex in New York gained 0.3 percent to $3.6820 per pound.
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
