Bloomberg News

KGHM Copper Miner Advances Most in Week as Metal Gains on Greece

May 28, 2012

KGHM Polska Miedz SA (KGH), the copper producer with the biggest European mine output, climbed the most in a week as the metal advanced after Greek opinion polls showed greater support for pro-bailout parties.

The shares jumped as much as 2.1 percent, the steepest gain on a closing basis since May 21, and traded 1.7 percent higher at 120.2 zloty as of 9:36 a.m. in Warsaw.

Copper for three-month delivery rose 1.2 percent to $7,729.5 per metric ton on the London Metal Exchange.

Greece’s New Democracy, which supports the plan negotiated with international lenders, placed first in all six opinion polls published on May 26, easing concern that the country will exit the euro after next month’s general election. Inventories monitored by the Shanghai Futures Exchange slumped 9.4 percent last week, falling for a seventh week.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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