Base Metals Advance as Finance Ministers Reach Agreement on Greek Bailout
Copper rose for a second day as European governments agreed on a second bailout for Greece. Zinc, lead and nickel advanced.
Three-month copper climbed as much as 1.6 percent to $8,364.75 a metric ton and traded at $8,350 by 3 p.m. Shanghai time. May-delivery copper on the Comex gained 2.2 percent to $3.7965 a pound, while the most-active contract on the Shanghai Futures Exchange closed 1.2 percent higher at 60,050 yuan ($9,535) a ton.
Greece won a second bailout after European governments as finance ministers awarded 130 billion euros ($173 billion) in aid, engineered the central-bank profits transfer and coaxed investors into providing more debt relief in an exchange offer meant to tide Greece past a bond redemption next month.
“The news boosted sentiment, leading to a broad market rally as the euro advanced,” said Li Ye, an analyst at Shanghai Jiuheng Futures Co. “We may see a choppy trading day ahead with further news coming out of Europe.”
The euro climbed to a three-month high against the yen and reversed losses versus the dollar. The greenback declined against most of its 16 major counterparts.
Refined copper imports by China fell 18 percent to 335,480 tons in January from a record in December, the first decline in eight months, data from the General Administration of Customs showed today.
On the LME, aluminum rose 1 percent to $2,201.75 a ton, zinc gained 1.7 percent to $2,015 a ton and lead climbed 1.7 percent to $2,085.25 a ton. Nickel advanced 1.3 percent to $20,010 a ton and tin rose 2.1 percent to $24,000 a ton.
To contact Bloomberg News staff for this story: Helen Sun in Shanghai at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.