Copper climbs as Greece nears aid package, bolstering recovery

Copper climbed for a second day as Greece moved toward securing an emergency aid package, reducing investor concern that the nation’s fiscal crisis may derail the European recovery while boosting prospects for a weaker dollar.

Copper for three-month delivery on the London Metal Exchange advanced as much as 1.5 per cent to $7,865 a metric tonne, the highest level since April 16. The contract has surged 81 per cent over the past year as the global economy, led by China, has emerged from the deepest recession since World War II. Sales of new homes surged 27 per cent in March in the US and orders for most durable goods climbed, indicating the world’s largest economy sped up heading into the second quarter, according to data released on April 23. July-delivery copper on the Shanghai Futures Exchange climbed as much as 1.8 per cent to 61,680 yuan ($9,034) a tonne and closed at 61,450 yuan. The three-month LME contract was at $7,844.75 a tonne at 3:36 pm in Shanghai. Aluminum rose 0.4 per cent to $2,343 a ton, lead gained 0.7 per cent to $2,315 a tonne and zinc climbed 1 per cent to $2,429.25 a tonne. Nickel advanced 1.2 per cent to $27,360 a tonne and tin climbed 0.5 per cent to $19,100.