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Copper Rises to 11-Month High as Economic Rebound May Spur Use

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LONDON, Aug. 31 -- Copper rose to the highest price in almost 11 months on speculation that a revival of economic growth will spur demand for metal. Lead prices jumped to a one- year high.
&nbsp;&nbsp;&nbsp; U.S. consumer spending rose in July, the third straight monthly gain, and European confidence in the economic outlook increased this month to the highest since October, government reports showed. Copper prices climbed for the seventh straight week, the longest rally since April 2007.
&nbsp;&nbsp;&nbsp; &quot;All the positive economic news is adding to the momentum of the market,&quot; said Gijsbert Groenewegen, a partner at Gold Arrow Capital Management. &quot;It feels like copper just can't come down for the moment.&quot;
&nbsp;&nbsp;&nbsp; Copper futures for December delivery rose 7.85 cents, or 2.7 percent, to $2.9505 a pound on the Comex division of the New York Mercantile Exchange. Earlier, the price reached $2.9895, the highest since Sept. 26, 2008. The metal gained 2 percent this week.
&nbsp;&nbsp;&nbsp; &quot;The trend remains upward,&quot; said John Meyer, the head of research at Fairfax IS in London. &quot;Investors are in for the long haul and they see general, positive momentum.&quot;
&nbsp;&nbsp;&nbsp; The price of the metal has more than doubled this year as the global economy recovered and Chinese demand surged.
&nbsp;&nbsp;&nbsp; Imports of refined copper by China, the world's largest metal consumer, more than doubled in the first half, buoyed by the government's 4 trillion yuan ($585 billion) spending plan to stimulate the economy.
&nbsp;&nbsp;&nbsp; Forecast Raised 
&nbsp;&nbsp;&nbsp; RBC Capital Markets raised its 2010 forecast for copper to an average $2.50 next year, up from an earlier estimate of $2.10.
&nbsp;&nbsp;&nbsp; A recovery in consumption in the 30 member countries of the Organization for Economic Cooperation and Development &quot;is imminent and will create significant upside potential for prices in the second half,&quot; Barclays Capital said in a report dated yesterday.
&nbsp;&nbsp;&nbsp; Gains in Chinese inventories may be signaling demand is about to slow, Groenewegen of Gold Arrow said.
&nbsp;&nbsp;&nbsp; Shanghai copper stockpiles climbed for a fifth week to the highest in two years, the Shanghai Futures Exchange said today. Inventories rose 6.1 percent to 86,625 tons, the highest level since the week ended Aug. 16, 2007.
&nbsp;&nbsp;&nbsp; On the London Metal Exchange, copper for delivery in three months increased $205, or 3.3 percent, to $6,475 a metric ton ($2.94 a pound).
&nbsp;&nbsp;&nbsp; On the LME, lead jumped 4.8 percent to $2,107 a ton. Earlier, the price reached $2,149, the highest level since Aug. 1, 2008.
&nbsp;&nbsp;&nbsp; Lead gained 13 percent this week as Chinese producers closed smelters. The country accounts for about 35 percent of global lead production, according to RBS Global Banking &amp; Markets.
&nbsp;&nbsp;&nbsp; Aluminum, tin, nickel and zinc also rose in London.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Copper Rises to 11-Month High as Economic Rebound May Spur Use | SMM

Copper Rises to 11-Month High as Economic Rebound May Spur Use

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