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Copper in Shanghai Climbs to One-Month High on Inflation Hedge

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SHANGHAI, July 16&nbsp; -- Copper futures in Shanghai rose to the highest in more than a month on speculation that demand for the metal will increase as the economy recovers and some investors boost holdings to hedge against a jump in inflation.
&nbsp;&nbsp;&nbsp; &quot;Hardly anyone would dare to short metals now,&quot; Gu Jianjun, an investment manager at Jinyuan Futures Co., said today from Shanghai. So-called short sellers benefit from price declines. &quot;Surging liquidity fans expectations for inflation.&quot;
&nbsp;&nbsp;&nbsp; China's M2, the broadest measure of money supply, rose by a record 28.5 percent in June from a year earlier, the People's Bank of China said today. The Shanghai Composite Index, China's benchmark for equities, has advanced 74 percent this year as Premier Wen Jiabao's stimulus package triggered record lending.
&nbsp;&nbsp;&nbsp; Copper for October delivery on the Shanghai Futures Exchange gained as much as 5 percent compared with the previous settlement to 41,520 yuan ($6,077) a metric ton, the highest since June 12. Three-month delivery copper on the London Metal Exchange gained for a third day, adding as much as 1.8 percent to $5,135 a ton at 2:40 p.m. in Shanghai.
&nbsp;&nbsp;&nbsp; China's economy may have expanded 7.8 percent in the second quarter as the record lending and surging investment drove a rebound from the weakest growth in almost a decade, a Bloomberg survey showed. Data on economic growth is scheduled to be released later this week.
&nbsp;&nbsp;&nbsp; &quot;Investments are flowing into the copper market on expectation that the economy will&quot; recover, Zhu Bin, head of research at Nanhua Futures Co., said by phone from Hangzhou. That would lift demand for raw materials, Zhu said.
&nbsp;&nbsp;&nbsp; The country's imports of copper and its products climbed to a record 475,999 tons in June, while stockpiles dropped 5,813 tons to 54,167 tons, according to data from customs office and the Shanghai Futures Exchange.
&nbsp;&nbsp;&nbsp; 'Soaring Lending' 
&nbsp;&nbsp;&nbsp; &quot;Defying expectations for a drop-off in China's copper purchases, Chinese imports hit a fresh record in June, reflecting the impact of soaring lending on the economy,&quot; Jing Ulrich, chairwoman of China equities for JPMorgan &amp; Chase Co., said in a report yesterday.
&nbsp;&nbsp;&nbsp; Fixed-asset investment for electricity and heating output and supply infrastructure rose 20.5 percent from a year ago in the January-to-May period, Ulrich wrote. The power sector accounts for 48 percent of Chinese copper demand, she added.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, aluminum added 0.6 percent to $1,615 a ton, zinc gained 2.1 percent to $1,528 a ton and lead climbed 2.1 percent to $1,628 a ton. Nickel jumped 3.2 percent to $16,070 a ton and tin climbed 2.1 percent to $13,200 at 2:49 p.m. in Shanghai.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg) 
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Copper in Shanghai Climbs to One-Month High on Inflation Hedge | Shanghai Non ferrous Metals

Copper in Shanghai Climbs to One-Month High on Inflation Hedge

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