Copper Gains for Second Day as Aluminum Rises From 15-Week Low
Copper gained for a second day as aluminum, zinc and lead rebounded from the lowest level in about 15 weeks amid speculation that recent declines in prices will attract buyers from China.
Copper for delivery in three months climbed as much as 0.3 percent to $7,784.75 a metric ton on the London Metal Exchange, before trading at $7,778 at 10:01 a.m. Shanghai time. Zinc rose 0.9 percent to $1,978 a ton, after falling to $1,928 yesterday, the lowest since Nov. 23, while aluminum added 0.6 percent to $1,962.50 a ton, after declining to a 15-week low of $1,934.85 yesterday.
China is holding a once-a-decade leadership transition at the annual National People’s Congress in Beijing, which is to be completed on March 17. The congress usually leads to an increase in approvals of infrastructure projects.
“Now is a good time to buy,” Zhang Tianfeng, an analyst at Dongxing Futures Co., said by phone from Shanghai. Investors expect an increase infrastructure spending in the next few months, Zhang said.
Copper for June delivery on the Shanghai Futures Exchange gained 0.6 percent to 56,800 yuan ($9,128) a ton, while May futures on the Comex in New York rose 0.3 percent to $3.528 a pound.
To contact Bloomberg News staff for this story: Helen Sun in Shanghai at firstname.lastname@example.org