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Copper Rises in Shanghai, Tracking London Higher on Weak Dollar

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SHANGHAI, May 26 -- Copper futures rose in Shanghai after London prices gained as a weaker dollar boosted the appeal of alternative investments. 
&nbsp;&nbsp;&nbsp; London Metal Exchange copper jumped 3.1 percent to $4,610 a metric ton on May 22, bringing this year's gain to 50 percent. The Dollar Index, a measure of the greenback against six major currencies, was up 0.2 percent at 80.07 at 2:48 p.m. in Shanghai, after plunging 3.7 percent last week on speculation that the U.S. government's creditworthiness may be weakening. 
&nbsp;&nbsp;&nbsp; "The dollar is the direct influence on copper prices, so supply-and-demand prospects can hardly be the basis for trading in the short term," Tian Gangfeng, an analyst at Haitong Futures Co., wrote in an e-mailed report today. 
&nbsp;&nbsp;&nbsp; August-delivery copper on the Shanghai Futures Exchange rose as much as 1.4 percent to 36,910 yuan ($5,409) a ton before closing at 36,780 yuan. LME copper advanced 3.1 percent on May 22. The London exchange is closed today for Spring Bank Holiday. 
&nbsp;&nbsp;&nbsp; "Shanghai copper, which is tracking LME higher, appears noticeably weaker by comparison," analysts led by Tan Wentao at HNA Topwin Futures Co. wrote in an e-mailed report today. "The declines in China's equity market are crimpling market sentiment." 
&nbsp;&nbsp;&nbsp; China's stocks fell for a fourth day, driving the benchmark index to its longest losing streak this year, partly on concern that this year's rally overvalued prospects for the nation's economic recovery. 
&nbsp;&nbsp;&nbsp; Record copper imports by China, the world's largest consumer, cut the Shanghai premium for immediate delivery metal over futures to less than 500 yuan a ton from as high as 2,300 yuan a ton last month, said analysts including Edward Fang at China International Futures (Shanghai) Co. 
&nbsp;&nbsp;&nbsp; The world will have a surplus of 500,000 tons of copper this year amid the global recession, Macquarie Bank Ltd. said this month. 
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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