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 Heads for First Quarterly Gain in a Year on China Outlook

Don't Miss Out —
Follow us on:

Sept. 27 (Bloomberg) -- Copper rose, heading for the first quarterly gain in a year, as higher earnings at Chinese industrial companies signaled expanding demand from the world’s largest metal-consuming country.

Profits at the companies increased 24 percent in August, China’s statistics bureau said today. Copper inventories tracked by the London Metal Exchange dropped for a 17th straight session, heading for the biggest monthly decline since March 2012.

“These numbers are very good, and the China demand story is slowly making its way back,” Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview.

Copper futures for December delivery added 0.7 percent to settle at $3.3295 a pound at 1:16 p.m. on the Comex in New York. Prices have advanced 3 percent this month and 8.9 percent for the quarter.

On the London Metal Exchange, copper for delivery in three months rose 0.7 percent to $7,300 a metric ton ($3.31 a pound).

Stockpiles of the metal declined for a third week to 541,125 tons. They’re down 8 percent this month and 19 percent in the third quarter. Orders to remove copper from warehouses rose 2 percent to 274,850 tons.

Aluminum, nickel, tin, zinc and lead gained in London. Markets in China will be shut from Oct. 1 to Oct. 7 for National Day holidays.

To contact the reporters on this story: Maria Kolesnikova in London at o mkolesnikova@bloomberg.net; Debarati Roy in New York at droy5@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.