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Copper Gains for Second Day on Recovery Optimism, Stock Rally

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[Cu] ICSG Cuts Growth Rate Forecast of Global Copper Mining Capacity

LONDON, July 14&nbsp;-- Copper gained for a second day in Asia as optimism that the global economy is recovering from recession boosted commodity prices and equities.
&nbsp;&nbsp;&nbsp; The MSCI Asia Pacific Index rose from an eight-week low, tracking gains in the Standard &amp; Poor's 500 Index, after analyst Meredith Whitney recommended buying shares of Goldman Sachs Group Inc. and said banks may advance 15 percent.
&nbsp;&nbsp;&nbsp; &quot;The rebound in the stock market is helping lift sentiment in commodities,&quot; Li Jiandong, an analyst at Jingyi Futures Co., said from Beijing.
&nbsp;&nbsp;&nbsp; Three-month copper on the London Metal Exchange rose as much as 1.1 percent to $4,950 a metric ton, and traded at $4,935 at 1:25 p.m. in Singapore, extending yesterday's 0.8 percent advance. Copper for September delivery in New York gained 1 percent to $2.2445 a pound at the same time.
&nbsp;&nbsp;&nbsp; The &quot;strong rebound in the world's equities bolstered buying of copper,&quot; HNA Topwin Futures Co. analysts led by Tan Wentao wrote in an e-mailed report today.
&nbsp;&nbsp;&nbsp; New Zealand Reserve Bank Governor Alan Bollard said &quot;early signs of a global recovery have now emerged.&quot; Separately, Singapore's government raised its forecast for 2009 growth as the nation emerged from the deepest recession since independence in 1965, according to second-quarter data released today.
&nbsp;&nbsp;&nbsp; October-delivery copper on the Shanghai Futures Exchange added as much as 2.2 percent to 39,750 yuan ($5,817) a ton, before trading at 39,530 yuan. Immediate-delivery copper in Changjiang, Shanghai's biggest cash market, was at 40,150 yuan a ton yesterday, 480 yuan more than the most-active futures price.
&nbsp;&nbsp;&nbsp; Chinese Market 
&nbsp;&nbsp;&nbsp; &quot;A return to backwardation in the Chinese market is also helping to support copper prices,&quot; said Li, the analyst at Jingyi Futures.
&nbsp;&nbsp;&nbsp; A market is backwardated when near-term prices are higher than longer-dated contracts, suggesting higher demand in the short term. Copper stockpiles in China fell to 54,167 tons last week, down from the year's high of 68,536 tons in June.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, aluminum rose 0.8 percent to $1,573 a ton, zinc added 3.1 percent to $1,484 a ton and lead climbed 1.6 percent to $1,580 a ton. Nickel gained 1.7 percent to $14,975 a ton, while tin traded at $12,575 a ton after advancing 2.2 percent.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)

[Minor metal] Offers for Cobalt Oxide (II, III) up in Domestic Market

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Copper Gains for Second Day on Recovery Optimism, Stock Rally | SMM

Copper Gains for Second Day on Recovery Optimism, Stock Rally

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