May 22 (Bloomberg) - Copper gained to the highest level in a week as the Chinese government seeks to spur its economy, and Germany pledged to consider growth measures for Europe, improving the outlook for metals. Zinc, lead and tin also rose.
The three-month delivery contract climbed as much as 1.1 percent to $7,816 a metric ton on the London Metal Exchange and was at $7,790 by 10:20 a.m. Shanghai time. The price fell 4.5 percent last week, declining for a third week. July-delivery metal added 0.5 percent to $3.5185 a pound on the Comex.
China plans to speed up approval of infrastructure construction projects to improve the economy, and the government may allocate construction funds earlier than planned, the China Securities Journal reported today, citing an unidentified person. Premier Wen Jiabao, in remarks published May 20 by the official Xinhua News Agency, called for "putting stabilizing growth in a more important position."
"Stimulus measures such as speeding up the approval of infrastructure projects can have significant implications in terms of demand prospects," Yang Xiaoguang, an analyst at Jinrui Futures Co., said by phone from Shenzhen. "We expect the Chinese economy to bottom in the second quarter and rebound later this year."
European leaders will do "everything necessary" to keep Greece in the 17-nation euro, German Finance Minister Wolfgang Schaeuble said yesterday. The September-delivery contract on the Shanghai Futures Exchange climbed 0.2 percent to 56,010 yuan ($8,859) a ton.
On the LME, aluminum rose 0.3 percent at $2,053 a ton, zinc gained 0.4 percent to $1,913 a ton, and lead added 0.9 percent to $1,958 a ton. Nickel fell 0.2 percent to $17,153 a ton, and tin climbed 1 percent to $19,450 a ton.