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METALS-Copper Holds 2-Month High after Bank Stress Tests

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NEW YORK/LONDON, July 23 (Reuters) - Copper prices extended a rally into a fifth day on Friday, posting the largest weekly gain since late February, as fund money piled into the market amid an improving economic outlook, undisturbed by European bank stress test results.
Seven of 91 European banks failed stress tests and showed an overall capital shortfall of 3.5 billion euros, the organizers of the tests said.&nbsp;
&quot;We are not seeing a huge reaction because the seven banks that failed were not really that far out of line with market expectations,&quot; Peter Buchanan, commodities analyst and senior economist at CIBC in Toronto, said.
&quot;It's not necessarily that the results were positive, but it's just one more item of uncertainty out of the way at this point,&quot; he said.
Copper for September delivery HGU0 on the COMEX metals division of the New York Mercantile Exchange ended up 2.05 cents at $3.1850 per lb, its highest level on a closing basis since May 13. For the week, the September contract rose 8.7 percent, its biggest gain since the week of Feb. 21.
Benchmark copper CMCU3 on the London Metal Exchange rose to $7,090 a tonne, its highest since May 14, before ending up $20 at $7,030 a tonne.
&quot;The fact that it's held $7,000 is a good sign,&quot; David Thurtell, an analyst at Citi, said of copper after the stress tests results. &quot;I think Europe seems to have got through this euro zone debt crisis relatively unscathed.&quot;
Other metals followed copper's lead. Tin CMSN3 surged more than 6 percent to $19,750 a tonne, its highest since September 2008. Aluminum, lead and zinc rose to $2,070, $1,983.75 and $1,962 a tonne, respectively, their highest since May.
BELLWETHER 
While sentiment has taken a recent hit from some below-forecast economic data and an &quot;unusually uncertain&quot; outlook earlier in the week from U.S. Federal Reserve Chairman Ben Bernanke, copper has remained as resilient as ever.
&quot;Copper has shown these last few sessions that we are going to have some better growth here over the next 60 to 120 days,&quot; said Frank McGhee, head precious metals trader at Integrated Brokerage Services LLC in Chicago.
&quot;Copper is doing what it should do. It's being a bellwether,&quot; he said. German business sentiment data reinforced that view, rallying in July to its highest level in three years.
Aluminum CMAL3 was last quoted at $2,030/2,030.5 a tonne, down from Thursday's last bid at $2,044 a tonne.
The world's top aluminum producer, Russia's UC RUSAL (0486.HK) (RUAL.PA), said it had restarted operations at its Windalco Ewarton alumina plant in Jamaica, which was mothballed in 2009 due to the economic crisis.&nbsp;
Zinc CMZN3 ended down $38.50 at $1,910 a tonne. An explosion at Horsehead Holding Corp's (ZINC.O) zinc refining facility in western Pennsylvania on Thursday killed two of its employees and halted operations at the plant.
Lead CMPB3 rose $39 to $1,979 a tonne, and nickel was last quoted at $20,350/20,355 from $20,250. 
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US Primary Aluminum Production Rises in June yr/yr

METALS-Copper Holds 2-Month High after Bank Stress Tests | Shanghai Non ferrous Metals

METALS-Copper Holds 2-Month High after Bank Stress Tests

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