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Market rally lifts Shanghai copper

(Agencies)
Updated: 2009-09-16 08:05

Copper climbed from an eight-day low in Shanghai as a rally in equities helped dispel concern that demand for the metal may be slowing.

Futures gained for the first time in three days after the Standard & Poor's 500 Index on Monday advanced to its highest level in almost a year.

The metal, used in plumbing and electrical cables, dropped as much as 4.2 percent on Monday as global inventories expanded and on the risk of a widening trade dispute between China and the US.

"Stocks in the US seem to have a firm footing, which is helping overall sentiment," said Cai Luoyi, an analyst at China International Futures (Shanghai) Co.

December-delivery copper gained as much as 1.8 percent to 48,450 yuan ($7,095) a metric ton on the Shanghai Futures Exchange and ended the day 1.6 percent higher at 48,380 yuan.

Related readings:  Chinese shares rise to one-month high, driven by non-ferrous metal  Weaker dollar boosts copper  Yellow metal zooms past $1,000 as dollar weakens  China probes auto, chicken imports from US: MOC

Three-month delivery copper on the London Metal Exchange climbed as much as 0.8 percent to $6,189 a ton and traded at $6,154.75 a ton during afternoon trade in Singapore. December-delivery copper in New York was little changed at $2.803 a pound.

China announced a probe into the alleged dumping of US auto and chicken products on Sept 13, two days after the US placed tariffs of 35 percent on Chinese tires, raising speculation that a possible trade dispute between the two countries might derail economic recovery.

Yesterday marked the one-year anniversary of Lehman Brothers Holdings Inc's bankruptcy filing, which dragged the global economy into its worst postwar slowdown and pulled copper prices down 14 percent in the past year.

Among other LME-traded metals, zinc added 0.8 percent to $1,845 a ton, lead was little changed at $2,102 a ton and nickel rose 0.4 percent to $16,700 a ton. Aluminum was little changed at $1,832.75 a ton, while tin was unchanged at $14,200 during afternoon trade in Singapore.