Copper advanced as China eased rules on overseas securities investments and after U.S. consumer confidence added to signs of improving demand in the biggest economy.
The metal for delivery in three months on the London Metal Exchange rose as much as 0.5 percent to $7,348 a metric ton and traded at $7,327 at 10:58 a.m. in Shanghai. Copper futures for delivery in December increased 0.2 percent to $3.3435 a pound on Comex in New York.
China’s State Administration of Foreign Exchange announced changes yesterday allowing qualified domestic institutional investors, who manage investment abroad on behalf of clients, to freely remit funds in yuan or foreign currencies into or out of the country, and also simplified application processes.
“The change will make it easier for domestic investors to put money into overseas securities,” said Xu Liping, an analyst at HNA Topwin Futures Co. Xu said the positive news helped offset concerns about tension in Syria.
The Conference Board’s index of sentiment advanced to 81.5 in August from a revised 81 in July that was stronger than initially estimated, as Americans grew more optimistic about the prospects for the economy, the New York-based private research group reported.
Copper for delivery in December on the Shanghai Futures Exchange was little changed at 52,800 yuan ($8,625) a ton.
On the LME, zinc and tin declined, nickel and lead rose, and aluminum was little changed.
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