Copper rebounded from the lowest level in almost three years as orders to remove the metal from warehouses climbed to a record. Aluminum rallied, snapping the longest slump in at least 26 years.
Metal for delivery in three months gained as much as 0.7 percent to $6,714.75 a metric ton on the London Metal Exchange and was at $6,676 a ton at 10:25 a.m. in Shanghai. The price tumbled as much as 3 percent to $6,613 yesterday, the lowest since July 2010.
Canceled warrants, or orders to remove copper from LME warehouses, jumped 2 percent to a record 321,575 tons, the most since Bloomberg started to compile the data from October 1997. Those in Asia rose to 186,300 tons yesterday.
“It looks like China is buying and imports may rise,” Yang Lan, an analyst at Dayou Futures Co., said by phone from Shanghai.
China’s biggest squeeze on credit in at least a decade is increasing the chance that the nation may miss an annual growth target. Goldman Sachs Group Inc. and China International Capital Corp. yesterday joined banks from Barclays Plc to HSBC Holdings Plc in paring their growth projections this year.
Copper for delivery in October on the Shanghai Futures Exchange rose 0.3 percent to 48,080 yuan ($7,823) a ton, while the September futures contract on the Comex in New York slipped 0.3 percent to $3.0195 per pound.
Aluminum for delivery in three months on the LME climbed as much as 0.8 percent, after falling for the 13th consecutive session yesterday, the longest slump since at least June 1987, according to data compiled by Bloomberg.
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