LME Copper Jumps on Dollar Fall; Shanghai at Limit

MANILA, Aug. 3 -- Base metals in London and Shanghai rose sharply on Monday, extending big gains seen in July, aided by economic optimism and a weaker dollar.

    The dollar fell to its lowest point this year against a basket of currencies after higher oil prices, steady global stock markets and U.S. GDP data boosted risk appetite.

    Three-month copper on the London Metal Exchange MCU3=LX rose 3.3 percent to $5,905 while tin MSN3=LX surged more than 5 percent to $14,400 per tonne by 0115 GMT.

    Shanghai's benchmark third month copper SCFc3 hit its 7 percent upside limit of 48,100 yuan ($7,042) a tonne before easing back to 47,250 yuan. Zinc also touched its ceiling of 15,400 yuan a tonne.

    (Source: Reuters)