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Copper, Aluminum Surge to 9-Month High in Shanghai on Recovery

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SHANGHAI, July 27&nbsp;-- Copper and aluminum jumped to the highest in nine months in Shanghai after China reiterated its commitment to sustain economic growth in the world's largest consumer of industrial metals. Zinc climbed to a 10-month high.
&nbsp;&nbsp;&nbsp; Copper has surged 87 percent in Shanghai this year as the country's 4 trillion yuan ($586 billion) stimulus plan to revive economic growth spurred purchases of the metal used in construction and automobiles. The country's central bank affirmed a &quot;moderately loose&quot; monetary policy Friday, easing concern surging loans and asset prices will lead to fiscal tightening.
&nbsp;&nbsp;&nbsp; &quot;The funds just keep pouring money into the market as investors are encouraged by the steps the Chinese government is taking to revive the economy and the continued commitment to growth,&quot; Zeng Chao, analyst at Everbright Futures Co., said from Shanghai today.
&nbsp;&nbsp;&nbsp; Copper for November delivery on the Shanghai Futures Exchange gained as much as 1.6 percent to 44,390 yuan ($6,498) a metric ton, the highest since Oct. 8, and traded at 44,080 yuan at 10:47 a.m. in Singapore.
&nbsp;&nbsp;&nbsp; November-delivery aluminum in Shanghai gained as much as 3.7 percent to 14,765 yuan a ton, the highest since Oct. 6, while zinc for November delivery added as much as 1.8 percent to 14,415 yuan a ton, the highest since Sept. 23.
&nbsp;&nbsp;&nbsp; Chinese banks extended a record 7.37 trillion yuan of new loans in the first half, triple the amount offered in the same period a year earlier, triggering a 7.9 percent expansion in GDP in the second quarter as the government encouraged banks to support the economy.
&nbsp;&nbsp;&nbsp; Property Demand 
&nbsp;&nbsp;&nbsp; The increase in new bank loans helped spur demand for properties, helping home prices in 70 major Chinese cities rise for the first time in seven months in June. China's passenger- vehicle sales rose 48 percent in June, the biggest jump since February 2006.
&nbsp;&nbsp;&nbsp; Copper is often used as an indicator for the world economy and may set the pace for other base metals because more than 50 pounds (23 kilograms) of copper is used in an average car and an average of 439 pounds is used in a 2,100-square-foot (195 square meter) home, according to the New York-based Copper Development Association.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Copper, Aluminum Surge to 9-Month High in Shanghai on Recovery

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