Copper Climbs From Near One-Month Low Ahead of U.S., China Data
Copper climbed after from the lowest level in almost a month before the release of U.S. data that may help investors gauge when the Federal Reserve will begin tapering bond purchases and ahead of Chinese trade figures.
The contract for delivery in three months rose as much as 0.4 percent to $7,142 a metric ton and was at $7,138.25 at 10:48 a.m. in Shanghai. Futures closed at $7,115 yesterday, the lowest since Oct. 9. The metal has lost 10 percent this year.
The U.S. economy probably grew at a 2 percent annualized rate in the third quarter, compared with a 2.5 percent increase in the previous three months, according to a Bloomberg survey before today’s report. Economists predict data tomorrow will show payrolls climbed by 120,000 in October and the unemployment rate increased to 7.3 percent from 7.2 percent in the previous month, according to a separate survey.
China, the world’s largest copper user, is scheduled to announce its October trade balance tomorrow, followed by inflation and industrial production data on Nov. 9. Chinese Communist Party leaders will meet for four days starting Nov. 9 to discuss policies.
Futures for delivery in December increased 0.3 percent to $3.2450 a pound on the Comex in New York. The metal for delivery in January on the Shanghai Futures Exchange fell 0.4 percent to 51,380 yuan ($8,432) a ton.
On the LME, zinc and aluminum rose while lead and nickel were little changed. Tin hadn’t traded.
To contact Bloomberg News staff for this story: Alfred Cang in Shanghai at firstname.lastname@example.org
To contact the editor responsible for this story: Brett Miller at email@example.com