Copper Rises First Time in Four Days on U.S. Budget Talks
Copper gained for the first time in four days on speculation that U.S. lawmakers will reach an agreement on the budget. Lead and nickel advanced.
Metal for delivery in three months rose as much as 0.3 percent to $8,085 a metric ton on the London Metal Exchange, before trading at $8,075 by 10:38 a.m. Shanghai time. The contract has gained 6.3 percent this year. The March contract on the Comex in New York rose 0.4 percent to $3.679 a pound.
Asian stocks rose to a nine-month high and oil climbed on signs of progress in U.S. budget talks. President Barack Obama proposed a budget plan that would cut about $1.2 trillion in federal spending and raise a similar amount in taxes, according to a person familiar with the talks.
“The news fueled optimism that the fiscal problems can be properly addressed,” Zhang Tianfeng, an analyst at Dongxing Futures Co., said by phone from Shanghai. “In China, we noticed the property market is recovering, and this is good news for demand next year.”
China’s new home prices climbed in 53 of the 70 cities in November from the previous month, data from the National Bureau of Statistics showed today. That was the most in 18 months, and compared with 35 in October.
Copper for March delivery on the Shanghai Futures Exchange fell 0.2 percent to 58,000 yuan ($9,299) a ton.
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