Copper Pares Third Weekly Decline After 20-Month LowBloomberg News
Copper pared a third weekly drop, rebounding from the lowest level in 20 months, after China’s central bank was said to have made funds available to lenders amid a cash squeeze. Other industrial metals climbed.
Copper for delivery in three months rose as much as 1.2 percent to $6,849 a metric ton on the London Metal Exchange, after dropping to $6,692, the lowest since October 2011. It traded at $6,817 at 12:50 p.m. in Shanghai and fell 3.9 percent this week. Zinc climbed 0.5 percent following a 0.4 percent drop.
China’s benchmark money-market rates retreated from records, dropping by the most since October 2007, after the central bank was said to have made funds available to lenders amid a cash squeeze. The S&P 500 declined by the most since November 2011 yesterday as Federal Reserve Chairman Ben S. Bernanke said on June 19 the central bank may start dialing down its stimulus.
“LME copper has reached a key technical level and there should be some tentative buying,” Liang Lijuan, an analyst at COFCO Futures Co., said by phone from Beijing.
Aluminum in London climbed 0.3 percent to $1,803 a ton after dropping for 11 straight sessions to the lowest level since 2009 as stockpiles monitored by the LME rose to a record yesterday. Nickel and lead climbed.
Copper for delivery in October on the Shanghai Futures Exchange dropped 0.6 percent to 49,410 yuan ($8,056) a ton. Metal for delivery in September on the Comex rose 0.6 percent to $3.081 per pound after dropping as much as 1.5 percent.