Copper rose the most in seven weeks on optimism that stabilizing economies will buoy demand from Europe to China, the world’s top metals consumer.
A private gauge of Chinese manufacturing showed signs the industry is gaining ground. Most industrial metals also climbed amid optimism Greece can reach a deal with its creditors, helping the outlook for growth in the region.
“The developments out of two major economic zones in the world are clearly positive, especially for copper,” Tim Evans, the chief market strategist at Long Leaf Trading Group Inc. in Chicago, said in a telephone interview. “When you look at Asia, there’s optimism drawn from that manufacturing number. And if we do see a solution to Greece, that would add to international growth rates.”
Copper futures for September delivery climbed 1.7 percent to settle at $2.615 a pound at 1:35 p.m. on the Comex in New York, the biggest gain since April 30.
The private gauge of Chinese manufacturing was at 49.6 for June, beating the median estimate of 49.4 in a Bloomberg survey and up from 49.2 last month, figures showed Tuesday. The report follows official data showing stabilization in industrial production, credit growth and property sales in May.
On the London Metal Exchange, copper for delivery in three months added 2.2 percent to $5,780 a metric ton ($2.62 a pound). Also on the LME, aluminum, zinc, nickel, lead and tin increased.