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Copper Surges to 10-Month High on Optimism Demand to Recover

By Glenys Sim

July 31 (Bloomberg) -- Copper jumped to the highest in almost 10 months and aluminum headed for its best month since May 1988 as industrial metals advanced on optimism a global economy will revive demand for industrial metals.

Copper has surged 85 percent this year as record Chinese buying and stimulus spending by governments including the U.S. and China spurred raw material purchases. China’s central bank yesterday said it will maintain a “moderately loose monetary policy,” easing concern that surging loans and assets prices may trigger fiscal tightening.

“Investors are feeling very positive about China’s commitment to maintaining economic growth,” Zhu Bin, president of futures research at Nanhua Futures Co., said from Hangzhou. “Equities and commodities markets are feeding off each other.”

Copper for three-month delivery on the London Metal Exchange climbed 1.6 percent to $5,690 a metric ton, the highest since Oct. 7, at 11:27 a.m. in Singapore. The metal has gained 15 percent this month.

November-delivery copper in Shanghai, the most-active contract, jumped as much as 4.6 percent from the previous settlement price to 45,120 yuan ($6,604) a metric ton, just 190 yuan short of the day’s limit set by the exchange.

Among other LME-traded metals, zinc advanced 0.8 percent to $1,724.50 a ton, tin was little changed at $14,520 a ton and nickel gained 0.9 percent to $17,348 a ton as of 11:21 a.m. in Singapore. Lead climbed 1.7 percent to $1,850 a ton, the highest level since Oct. 1.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aQmTlTTzKFZw

GLTA !!