Metals News
Copper Advances as Investors Bet on Sustained Recovery after Fed Stimulus
industry news
Nov 9,2010

Nov 9 (Bloomberg) -- Copper in London climbed amid prospects that economic growth will be sustained after the Federal Reserve expanded stimulus measures.

Copper for three-month delivery on the London Metal Exchange gained 0.9 percent to $8,735 a metric ton at 10:20 a.m. Singapore time, after falling as much as 0.4 percent earlier. The Fed last week said it will purchase an additional $600 billion of Treasuries through June to bolster the U.S. economy.

"We may get some corrections along the way, mostly driven by the dollar, but the longer-term uptrend hasn’t changed,” Wang Qianming, an analyst at Everbright Securities Co., said from Shanghai. "The global economy will continue on its recovery path, and greater liquidity and prospects of inflation can only be bullish for commodities.”

December-delivery copper on the Comex in New York gained 0.6 percent to $3.98 a pound, after dropping as much as 0.7 percent earlier. Futures in Shanghai rose as much as 0.5 percent to 66,890 yuan ($10,046) a ton, after earlier losing as much as 0.6 percent to 66,210 yuan.

The dollar climbed for a third day against a basket of six major currencies, rising to a one-week high against the euro on speculation European nations will struggle to raise funds. A strike in Chile, the world’s largest copper-producing country, lent support to prices, said Wang.

Anglo American Plc and Xstrata Plc kept their Collahuasi venture operating as usual as a strike by unionized workers at the world’s fourth-largest copper mine entered a fourth day, the company said yesterday. Output may be affected if the strike lasts longer than a week, Morgan Stanley said yesterday.

Aluminum in London rose 0.4 percent to $2,439 a ton, zinc gained 1.6 percent to $2,520 a ton, and lead advanced 1.2 percent to $2,535 a ton. Nickel increased 0.5 percent to $24,251 a ton, while tin hadn’t traded. 



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