Industrial metals rebounded as Greece accepted some proposals from creditors to end a standoff over a bailout. Aluminum jumped the most in four weeks.
Signs of compromise came a day after Greece missed a deadline to repay the International Monetary Fund after last-ditch overtures to creditors were rebuffed. On Tuesday, a gauge of six metals from copper to zinc capped the longest run of quarterly losses since 2001 on economic concerns in Europe and China, the world’s top consumer.
“The market has come to the conclusion that this may not be as big of a deal as they were originally fearing,” Tim Evans, the chief market strategist at Long Leaf Trading Group Inc. in Chicago, said in a telephone interview. “Metals are going to reflect investor sentiment globally, and the view is one that there is not a lot of fear backing into the market, which bodes well.”
Aluminum for delivery in three months rose 2.1 percent to settle at $1,727 a metric ton at 5:50 p.m. on the London Metal Exchange, the biggest gain since May 28. Copper, lead, zinc, nickel and tin advanced.
U.S. manufacturing in June expanded at the fastest pace in five months as factories overcame sluggish overseas economies. The U.S. is the second-biggest metal consumer.
Copper futures for September delivery climbed 0.6 percent to $2.6305 a pound on the Comex in New York.