Copper Heads for Record Weekly Gain, Metals Jump on Europe Pact
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Copper prices rose, heading for a record weekly rally, after European leaders agreed to expand a bailout fund to ease the region’s sovereign-debt crisis. Nickel, lead and zinc climbed.
The rescue fund will be increased to 1 trillion euros ($1.4 trillion), and bondholders will accept 50 percent losses on Greek debt under the accord. This week, Chinese Premier Wen Jiabao said that officials will adjust economic policies at a “suitable time and by an appropriate degree.” A gauge of six base metals headed for the biggest weekly gain since 2009.