Jan. 31 (Bloomberg) -- Copper rallied, extending the first monthly gain since October, after Greece’s Prime Minister said major progress was made in debt talks. Tin was set for its best month since at least 1992 outperforming other commodities.
Three-month copper climbed as much as 0.5 percent to $8,473.25 a metric ton on the London Metal Exchange after falling 0.6 percent. The contract traded at $8,465 by 3:53 p.m. Shanghai time and is up 11 percent this year. March-delivery copper on the Comex rose 0.6 percent to $3.8510 per pound.
Greece aims to complete debt-swap talks with bondholders by the end of this week, Prime Minister Lucas Papademos told reporters after the European Union summit in Brussels. Papademos said he is “strongly committed” to reaching a deal, as the country faces a 14.5 billion-euro ($19 billion) bond payment on March 20. The dollar weakened against most of its major peers, as the Dollar Index lost as much as 0.4 percent today to 78.824.
“Copper lacks the momentum to rally further without solid buying on the spot market in China, but a weak dollar today aided the market,” Pang Juan, an analyst at Jinrui Futures Co., said by phone from Shenzhen.
The metal for April-delivery on the Shanghai Futures Exchange closed 0.5 percent higher at 60,620 yuan ($9,604) per ton. Copper for immediate delivery on Shanghai’s Changjiang market traded at a discount of about 350 yuan to the front-month futures contract today.
Tin has gained 25 percent this month in London and is the best performer among 80 commodities tracked by Bloomberg. The metal climbed 0.3 percent to $24,050 a ton today. Aluminum rose as much as 0.7 percent to $2,295 a ton, the highest in three months. Zinc traded little changed at $2,123 a ton, and lead advanced 0.4 percent to $2,274 a ton.
Nickel climbed 0.2 percent to $21,344 a ton after Vale SA said it had shut down all its mines in Sudbury, Ontario, after a worker was killed in an accident at the Coleman mine.
--Helen Sun. Editors: Jarrett Banks, James Poole
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