Bloomberg News

Copper Gains for Second Day as Metals Climb on Greece Agreement

February 21, 2012

Feb. 21 (Bloomberg) -- Copper rose for a second day as European governments agreed on a second bailout for Greece. Zinc, lead and nickel advanced.

Three-month copper climbed as much as 1.6 percent to $8,364.75 a metric ton and traded at $8,350 by 3 p.m. Shanghai time. May-delivery copper on the Comex gained 2.2 percent to $3.7965 a pound, while the most-active contract on the Shanghai Futures Exchange closed 1.2 percent higher at 60,050 yuan ($9,535) a ton.

Greece won a second bailout after European governments as finance ministers awarded 130 billion euros ($173 billion) in aid, engineered the central-bank profits transfer and coaxed investors into providing more debt relief in an exchange offer meant to tide Greece past a bond redemption next month.

“The news boosted sentiment, leading to a broad market rally as the euro advanced,” said Li Ye, an analyst at Shanghai Jiuheng Futures Co. “We may see a choppy trading day ahead with further news coming out of Europe.”

The euro climbed to a three-month high against the yen and reversed losses versus the dollar. The greenback declined against most of its 16 major counterparts.

Refined copper imports by China fell 18 percent to 335,480 tons in January from a record in December, the first decline in eight months, data from the General Administration of Customs showed today.

On the LME, aluminum rose 1 percent to $2,201.75 a ton, zinc gained 1.7 percent to $2,015 a ton and lead climbed 1.7 percent to $2,085.25 a ton. Nickel advanced 1.3 percent to $20,010 a ton and tin rose 2.1 percent to $24,000 a ton.

--Helen Sun. Editor: Richard Dobson

To contact Bloomberg News staff for this story: Helen Sun in Shanghai at hsun30@bloomberg.net

To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net


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