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| Copper rises $50 on hopes of economic rebound |
| Bloomberg / Sep 16, 2009, 00:54 IST |
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Copper climbed in London, ending a four-day losing streak, before a report expected to show stronger retail sales in the US, adding to indications of an economic rebound.
Retail sales gained 1.9 per cent last month, the most since January 2006, according to economists surveyed by Bloomberg News. Prices also advanced as investor confidence in Germany rose to the highest level in more than three years.
Positive economic reports, where “retail sales is obviously a feature,” helped to lift prices, Nick Moore, an analyst at RBS Global Banking & Markets in London, said by telephone.
Copper for three-month delivery rose $50, or 0.8 percent, to $6,190 a tonne on the London Metal Exchange at 10:51 am local time. The contract slipped 0.4 per cent last week, the second drop after seven gains. Futures for December delivery gained 0.4 per cent to $2.816 a pound in electronic trading on the NYME.
Among other LME metals for three-month delivery, tin was unchanged at $14,200 a tonne. LME stockpiles rose 2.6 per cent to 22,250 tonnes, the highest level since June 2006. Lead rose 1.1 per cent to $2,127 a tonne, and aluminum gained 0.3 per cent to $1,840 a tonne. Nickel advanced 0.5 per cent to $16,725 a tonne, and zinc rose 1 per cent to $1,850 a tonne.
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