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Copper Rises a Third Day as Share Rally Offsets Inventory Gain

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SINGAPORE, Sept. 7 -- Copper gained for a third day as a rally in equities and better-than-estimated U.S. economic data outweighed concerns that expanding global inventories signaled a slowdown in demand.
&nbsp;&nbsp;&nbsp; The U.S. economy lost 216,000 jobs in August, the fewest in a year, even as the jobless rate jumped to 9.7 percent, the highest since 1983. The regional benchmark MSCI Asia Pacific Index rose for a third day as a $1.8 billion bid for Chartered Semiconductor Ltd. fueled merger speculation.
&nbsp;&nbsp;&nbsp; &quot;Fundamentals are mixed as economic indicators continue to improve while inventories are rising,&quot; Stefan Graber, analyst at Credit Suisse Group, wrote in a note today.
&nbsp;&nbsp;&nbsp; Three-month delivery copper gained as much as 0.9 percent to $6,330 a ton on the London Metal Exchange and traded at $6,319 at 11:07 a.m. in Singapore.
&nbsp;&nbsp;&nbsp; December-delivery copper in New York gained 0.4 percent to $2.8790 a pound. The U.S. is closed for a holiday today. The December-delivery contract on the Shanghai Futures Exchange was little changed at 49,420 yuan ($7,236) a ton, paring an earlier 1 percent loss.
&nbsp;&nbsp;&nbsp; Stockpiles of copper in Shanghai climbed for a sixth week last week to 87,108 metric tons, the highest level in two years, the Shanghai Futures Exchange said after the market closed Sept. 4. Inventories of the metal tallied by the London Metal Exchange stood at 308,200 tons Sept. 4, the highest level since June 2.
&nbsp;&nbsp;&nbsp; A drop in the dollar against the euro also supported industrial metals. The euro climbed for a second day before a private report forecast to show European investor confidence advanced to a 13-month high in September, signaling the recession is easing.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, aluminum climbed 0.3 percent to $1,855 a ton, lead was little changed at $2,302 a ton, zinc was unchanged at $1,925 a ton and nickel gained 1.7 percent to $17,900 a ton. Tin hadn't traded by 11:10 a.m. in Singapore.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Copper Rises a Third Day as Share Rally Offsets Inventory Gain | Shanghai Non ferrous Metals

Copper Rises a Third Day as Share Rally Offsets Inventory Gain

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