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Copper Jumps to One-Week High in London as Dollar Declines
Feb 11,2010 11:34CST
industry news
Source:SMM

SHANGHAI, Feb. 11 -- Copper jumped to a one-week high in London, extending its climb from a three-month low, as a decline in the dollar improved the appeal of raw material investments.

Copper for three-month delivery on the London Metal Exchange advanced as much as 3.4 percent to $6,767.75 a metric ton at 10 a.m. in Shanghai, the highest level since Feb. 3. May- delivery copper climbed as much as 1.5 percent to 55,500 yuan ($8,128) a ton on the Shanghai Futures Exchange and last traded at 55,420 yuan.

The dollar declined for a third day in four against a basket of six major currencies after a surge in hiring in Australia boosted demand for higher-yielding assets. Employers there added 52,700 workers in January, the most in three years and more than three times as many as economists had forecast.

"The dollar drives the direction in the metals market," Zhang Sida, an analyst at Shanghai Dalu Futures Co. said today.

Copper, used in construction, automobiles and electric motors, slumped to $6,225 a ton last week, the lowest level since Oct. 19, on concern that central bank tightening and budget deficits in Europe may slow the economic recovery.

Aluminum in London gained 1.2 percent at $2,060 a ton, zinc rose 1.7 percent to $2,150 a ton, nickel increased 1.9 percent to $18,050 a ton. Lead and tin were yet to trade.

 

 

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