Copper futures rose for a second straight day after signs of revival in Asian economies bolstered prospects for demand.
Taiwan’s economy resumed growth last quarter, South Korean production climbed for the first time in four months, and Singapore’s jobless rate fell, separate reports showed. An official gauge due tomorrow may show manufacturing in China, the world’s biggest copper consumer, expanded for the first time in three months in October, according to a Bloomberg survey of economists. Futures ended an eight-session slump yesterday on prospects for Chinese demand.
“Copper is rebounding, and the news out of Asia and China looks to be supportive,” Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview. “It seems that it has at least stopped the market from going down any further.”
Copper futures for December delivery advanced 0.3 percent to settle at $3.5175 a pound at 1:12 p.m. on the Comex in New York. Prices fell 6.4 percent this month.
Comex floor trading took place today for the first time since Oct. 26 after shutting because of Atlantic storm Sandy, according to the website of CME Group Inc., which owns the exchange.
Total Chinese demand, including refined and scrap metal, may gain an average 6 percent a year from 2011 to 2015, Wang Zhongkui, deputy general manager of Beijing Antaike Information Development Co., said yesterday.
On the London Metal Exchange, copper for delivery in three months climbed 0.5 percent to $7,759.50 a metric ton ($3.52 a pound). Lead, zinc, nickel and tin also rose in London. Aluminum fell.