June 21 (Bloomberg) -- Copper rebounded from a three-week low as concern eased that Greece will default on its debt, boosting the outlook for commodity demand.
The MSCI World Index of equities gained as much as 1.7 percent as renewed confidence in Greece buoyed the prospects for global growth. The Thomson Reuters/Jefferies CRB Index of 19 raw materials climbed for the second straight day.
“The economic numbers will start to improve” in the second half, said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago. Prices will “move higher as equities make new highs for the year.”
Copper futures for September delivery advanced 1.45 cents, or 0.4 percent, to close at $4.107 a pound at 1:15 p.m. on the Comex in New York. Yesterday, the price touched $4.024, the lowest for a most-active contract since May 25.
The metal reached a record $4.6575 on Feb. 15 as the global economic recovery lifted demand. Since then, the price has dropped 12 percent as manufacturing slowed in China, the world’s largest consumer.
On the London Metal Exchange, copper for delivery in three months climbed $75, or 0.8 percent, to $9,080 a metric ton ($4.12 a pound).
Zinc, tin, nickel, lead and aluminum also rose in London.
--Editors: Steve Stroth, Patrick McKiernan
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