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Copper Advances as Global Manufacturing Expands, Boosting Demand Outlook
Dec 2,2010 16:11CST
industry news

Dec 2 (Bloomberg) --  Copper advanced from London to Shanghai after manufacturing in China, the U.S. and Europe expanded, adding to signs of a revival in demand. Zinc, lead and tin also climbed.

Copper for three-month delivery on the London Metal Exchange rose for a third day, gaining as much as 1 percent to $8,670 a metric ton, and traded at $8,657.50 a ton at 10:01 a.m. Singapore time. The contract has climbed 5.3 percent since Nov. 29 on better-than-expected economic reports, including jobs growth in the U.S.

"There’s been a slew of positive economic data around the world in the past few days and that has greatly boosted investor confidence,” Zeng Qianling, an analyst at Jinrui Futures Co., said from Shanghai.

March-delivery copper on the Shanghai Futures Exchange advanced for a fourth day, adding as much as 2.7 percent to 65,380 yuan ($9,811) a ton, before trading at 65,190 yuan. Futures on the Comex in New York traded little changed after gaining as much as 0.3 percent to $3.9580 a pound earlier.

Manufacturing in the U.S. expanded for a 16th straight month in November, the Institute for Supply Management reported yesterday.

U.K. manufacturing growth unexpectedly accelerated to the fastest in 16 years in November, while output in the euro area expanded at the fastest pace in four months, separate reports showed. China’s output also grew at a faster pace for a fourth month on November.

Aluminum in London rose 0.6 percent to $2,355 a ton, zinc gained 1.5 percent to $2,192 a ton, and lead climbed 1.6 percent to $2,307 a ton. Nickel was unchanged at $23,550 a ton and tin advanced 1.4 percent to $25,150 a ton.




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