Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Copper Jumps Most in 10 Months on Bets Japan’s Demand to Climb

Don't Miss Out —
Follow us on:

March 17 (Bloomberg) -- Copper jumped the most in 10 months on speculation that demand may increase as Japan rebuilds after last week’s earthquake and tsunami.

Reconstruction and refurbishing of damaged plants, buildings and infrastructure should lead to greater commodity consumption, particularly building materials, James Steel, an analyst at HSBC Securities in New York, said in a report this week.

“Base metals will definitely benefit from the ultimate reconstruction effort when it gets under way,” said Nic Brown, an analyst at Natixis Commodity Markets Ltd. in London. “There is a danger that it may take longer for that reconstruction effort to materialize than the base-metals market may anticipate.”

Copper futures for May delivery rose 14.65 cents, or 3.5 percent, to settle at $4.334 a pound at 1:16 p.m. on the Comex in New York, the biggest gain since May 21. The metal climbed to a record of $4.6575 on Feb. 15.

On the London Metal Exchange, copper for delivery in three months gained $285, or 3.1 percent, to $9,545 a metric ton ($4.32 a pound) at 6:11 p.m. local time.

Aluminum, lead, nickel, zinc and tin also increased in London.

To contact the reporter on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.