Nov. 11 (Bloomberg) -- Copper futures rose for the third straight session after industrial production climbed more than forecast in China, the world’s largest consumer of the metal.
Factory output gained 10.3 percent in October from a year earlier, statistics showed Nov. 9, topping the 10 percent estimate in a Bloomberg survey of analysts. President Xi Jinping and top leaders will conclude a four-day gathering tomorrow to map out a plan to sustain economic expansion.
“Positive Chinese data is supporting copper,” Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview. “The market is eagerly waiting” for the government blueprint, he said.
Copper futures for December delivery climbed 0.2 percent to settle at $3.2595 a pound at 1:16 p.m. on the Comex in New York. The price advanced 0.5 percent in the previous two sessions. The metal has dropped 11 percent this year.
Stockpiles monitored by the London Metal Exchange dropped 0.6 percent, extending a slump to the lowest since March.
On the LME, copper rose 0.1 percent to $7,173 a metric ton ($3.25 a pound). Aluminum, nickel, lead and zinc fell, while tin gained.
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