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Copper Rallies in London, Shanghai After U.S. Equities Climb

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China July Refined Copper Imports Off Record to 292,226 T

SHANGHAI, Aug. 24 -- Copper rallied in London and Shanghai after gains in equities added to evidence that the global economy is recovering, improving the demand outlook for industrial metals.
&nbsp;&nbsp;&nbsp; The Standard &amp; Poor's 500 Index climbed to the highest level since October on Aug. 21, after U.S. existing home sales jumped to the highest level in almost two years. The dollar fell as refuge demand eased while crude oil rose to a 10-month high.
&nbsp;&nbsp;&nbsp; &quot;The climb in U.S. stocks has greatly bolstered sentiment and has offset concerns about credit tightening in China,&quot; Zeng Chao, an analyst at Everbright Futures Co. said in an e-mailed report today. &quot;We expect a bumpy rebound in copper and zinc as a result.&quot;
&nbsp;&nbsp;&nbsp; Three-month delivery copper climbed as much as 1.9 percent to $6,389 a metric ton on the London Metal Exchange, the highest since Aug. 14. The contract traded at $6,370 a ton at 9:27 a.m. in Singapore.
&nbsp;&nbsp;&nbsp; Copper for December delivery on the Shanghai Futures Exchange jumped the daily limit of 5 percent, from the previous settlement, to 49,240 yuan ($7,208) a ton, the highest since Aug. 14. Shanghai zinc also rose by the limit to 15,630 yuan, the highest since Aug. 13.
&nbsp;&nbsp;&nbsp; China plans to tighten capital requirements for banks, threatening to curb the record lending that's fueled a 60 percent rally in the nation's stock market, three people familiar with the matter said last week. The Shanghai Composite index is down 13 percent this month.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, aluminum added 1.2 percent to $1,952 a ton, zinc rose 2.5 percent to $1,880 a ton, lead increased 0.9 percent to $1,880 and nickel climbed 2.9 percent to $19,850 a ton.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Copper Surplus to Shrink on Lack of Scrap, Bank of America Says

Copper Rallies in London, Shanghai After U.S. Equities Climb | Shanghai Non ferrous Metals

Copper Rallies in London, Shanghai After U.S. Equities Climb

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