Copper climbs as demand expectations improve

Copper rose on Monday as a weak dollar, falling stocks and improving expectations for global demand countered disappointing jobs data from the United States. By 0943 GMT, copper for three-month delivery on the London Metal Exchange traded at $7,476.25 a tonne from $7,370 at the close on Friday and compared with a session high at $7,489. Copper stocks fell 2,150 tonnes to 410,475 tonnes, having fallen from 6-1/2 year highs at 555,075 tonnes in mid-February. Aluminium traded at $2,218 versus a last bid price at $2,190 on Friday. LME stocks for the metal, used in transport and packaging, slipped 6,025 tonnes to 4.39 million tonnes after hitting a record high above 4.6 million in late January.

Steel making ingredient nickel traded at $22,799 from $22,075 while battery material lead was at $2,215 from $2,165. Zinc traded at $2,168.75 a tonne from $2,129 and tin was at $21,350 from a last bid at $20,725 on Friday. Nickel earlier touched $22,814, its highest level since May 13, while zinc hit $2,175, its highest peak since May 13.Tin cancelled warrants were at 1,555 tonnes compared with 860 tonnes on August 4, also 10 per cent or total LME stocks at 14,895 tonnes. Used in electrical solder, tin earlier touched $21,400, its highest level since August 2008. Prices have gained 26 per cent this year, and are expected to continue rising, analysts say.