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Copper Gains for Second Day http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aE5D6pyg1GPI
By Millie Munshi and Chanyaporn Chanjaroen

Dec. 21 (Bloomberg) -- Copper prices rose for a second session on speculation that demand will increase from China, the world’s biggest metals user.

The country is targeting 8 percent growth in 2010 and an 11 percent gain in industrial production, industry minister Li Yizhong said. Chinese imports may increase after higher domestic prices made overseas purchases cheaper, analysts said. Copper has more than doubled this year as shipments to China climbed to a record in the first half.

“Global economic prospects look a lot brighter, and China is going to be the leader in the recovery,” said Matthew Zeman, a trader at LaSalle Futures Group in Chicago. “If they can achieve the kind of growth they’re aiming for, copper and other commodities are going to do well.”

Copper futures for March delivery rose 2 cents, or 0.6 percent, to $3.1585 a pound on the New York Mercantile Exchange’s Comex unit. The price gained 0.2 percent last week.

Shanghai copper prices were at the highest premium above London Metal Exchange copper since mid-July, according to analysts at Macquarie Group Ltd. led by Jim Lennon in London.

“There is an arbitrage opportunity” with the price differential, said Robin Bhar, an analyst at Calyon in London. “We look for further strength in copper prices.”

On the London Metal Exchange, copper for three-month delivery gained 1.3 percent to $6,935 a ton ($3.15 a pound).

Among other LME metals for three-month delivery, tin, zinc, aluminum and nickel prices gained. Lead fell.

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