Dec 18 (Bloomberg) -- Copper rose, heading for a third straight weekly gain, as European Union leaders agreed on a plan to contain future debt crises and as economic reports in the U.S. and Germany bolster prospects for metal demand.
EU leaders agreed to amend the bloc’s treaties to create a permanent crisis-management mechanism in 2013. The index of U.S. leading economic indicators increased in November by the most in eight months, a signal the recovery will strengthen early next year. German business confidence gained to a record in December.
People are more optimistic than they were two months ago,” said Michael K. Smith, the president of T&K Futures & Options in Port St. Lucie, Florida. “The U.S. will continue to grow with the rest of the world.”
Copper futures for delivery in March added 2.7 cents, or 0.7 percent, to $4.143 a pound at 10:58 a.m. on the Comex in New York.
Before today, the metal surged 43 percent since July 1, as global inventories shrank.
We are still looking for higher numbers,” said Kevin Tuohy, a metals trader at MF Global U.K. Ltd. in London. “Copper will be driving the other metals.”
On the London Metal Exchange, copper for delivery in three months rose $74.50, or 0.8 percent, to $9,065.50 a metric ton ($4.11 a pound). The price reached a record $9,267.50 on Dec. 14.
Tin, lead, aluminum and zinc also gained on the LME. Nickel was unchanged.