Nov. 9 (Bloomberg) -- Copper prices rose for the first time in three sessions as the dollar tumbled and the Group of 20 industrial nations stuck with economic stimulus measures, boosting speculation that metal consumption will increase.

The dollar fell to a 15-month low against a basket of six major currencies, enhancing the appeal of raw materials to preserve purchasing power. At a Nov. 7 meeting, the G-20 agreed to maintain stimulus programs. The spending may pull the world out of its steepest slump since World War II, analysts said.

“With continued stimulus measures, it will help to support the market,” said Gijsbert Groenewegen, a partner at Gold Arrow Capital Management, a hedge fund in New York. “It is also showing that these leaders are not concerned about the dollar and will allow it to be weakened.”

Copper futures for December delivery gained 1.5 cents, or 0.5 percent, to $2.9675 a pound on the Comex division of the New York Mercantile Exchange. The price dropped 1.4 percent in the previous two sessions.

“Consumption is running reasonably well, we still have the weak dollar, and we still have got the investment community coming into commodities,” said Steve Hardcastle, an analyst at Sucden Financial Ltd. in London.

Copper prices have more than doubled in 2009. The Federal Reserve kept U.S. interest rates at record lows to boost the economy.

Codelco Premiums

The premium charged on some copper supplies to Japan and South Korea will increase next year by as much as 16 percent, according to a notice from Chile’s state-owned Codelco, the world’s biggest supplier. The premium, charged in part to cover shipping and insurance costs, will rise for the first time since 2007 because of demand from China, the largest buyer.

The fee set by Codelco will be $75 a ton next year for Japan, compared with $65 this year, and $74 for South Korea, up from $64, according to a copy of the notice received by Bloomberg News. The fees are added to prices for immediate delivery in London.

On the London Metal Exchange, copper for delivery in three months rose $49, or 0.8 percent, to $6,539 a ton ($2.97 a pound).

Aluminum, lead and nickel prices also gained in London. Zinc fell, and tin was unchanged.

To contact the reporters on this story: Anna Stablum in London at astablum@bloomberg.net; Millie Munshi in New York at mmunshi@bloomberg.net.

Last Updated: November 9, 2009 14:38 EST