Copper rose for the first time in five sessions as signs of renewed growth in China and better- than-expected results from Alcoa Inc. (AA:US) pointed to stronger metals demand.
Total imports and exports in China, the world’s biggest copper consumer, probably gained in December, economists surveyed by Bloomberg forecast before a government report tomorrow. Alcoa Inc. said metals demand will climb in the Asian country as the economy rebounds. The company yesterday reported fourth-quarter sales that beat analyst estimates.
“The export numbers are expected to show the Chinese economy is continuing to grow, and overall we have a better demand picture,” Harry Denny, a broker at Hoboken, New Jersey- based PVM Futures Inc., said in a telephone interview. “The Alcoa numbers were good, and that took markets higher.”
Copper futures for delivery in March advanced 0.5 percent to $3.6915 a pound at 11:10 a.m. on the Comex in New York. Prices fell 1.7 percent in the previous four sessions.
On the London Metal Exchange, copper for delivery in three months rose 0.4 percent to $8,109 a metric ton ($3.68 a pound).
Aluminum for delivery in three months added 1.7 percent to $2,102.25 a ton on the LME. Demand in China, the top user, will gain 11 percent this year, helped by stimulus spending announced by the country’s new leadership, according to New York-based Alcoa. The company is the biggest U.S. producer of the metal.
Tin, nickel, zinc and lead also climbed in London.
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