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Copper Gains on Speculation Demand to Rise on Economic Recovery

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SINGAPORE, Sept. 4 -- Copper climbed as a rally in equities fueled speculation that an economic recovery will increase demand for commodities.
&nbsp;&nbsp;&nbsp; The metal used in buildings and cars has more than doubled this year as stimulus spending in China, the world's largest user, spurred raw material purchases. The Shanghai Composite Index rose as much as 1.1 percent after yesterday advancing the most in six months on speculation the government will take measures to support the market.
&nbsp;&nbsp;&nbsp; &quot;The performance of the equity market helps buoy sentiment in metals,&quot; Li Rong, chief analyst at Great Wall Futures Co., said from Shanghai.
&nbsp;&nbsp;&nbsp; Three-month delivery copper on the London Metal Exchange rose as much as 1.6 percent to $6,357 a ton, before trading at $6,341, still down 2.1 for the week. The December-delivery contract in New York gained 0.8 percent to $2.8885 a pound.
&nbsp;&nbsp;&nbsp; December-delivery copper on the Shanghai Futures Exchange added 2 percent to 49,610 yuan ($7,261) a ton at 10:15 a.m. in Singapore, trimming this week's decline to 2.2 percent. The contract rose as much as 2.9 percent earlier.
&nbsp;&nbsp;&nbsp; The metal headed for a weekly drop amid increasing global stockpiles.
&nbsp;&nbsp;&nbsp; Inventories of copper tallied by the LME stood at 306,350 tons yesterday, 70 percent higher than a year earlier. Stockpiles in Shanghai are at a two-year high, and are expected to gain for a sixth week this week, capping the longest period of increase since the seven-week rise ended March 20, 2008. The exchange will release the data after the market close today.
&nbsp;&nbsp;&nbsp; &quot;People are expecting a fairly large increase in Chinese stockpiles today and this is making investors a bit cautious,&quot; Li, at Great Wall Futures, said.
&nbsp;&nbsp;&nbsp; Aluminum rose 0.9 percent to $1,870 a ton, nickel added 1.1 percent to $18,400 a ton, and tin hadn't traded by 10:23 a.m. in Singapore.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Copper Posts First Weekly Lose Since July as Inventories Gain

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Copper Gains on Speculation Demand to Rise on Economic Recovery | SMM

Copper Gains on Speculation Demand to Rise on Economic Recovery

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