By Glenys Sim
Feb. 19 (Bloomberg) -- Copper rose for a second day in Asia on speculation Chinese consumers may be making purchases after a decline in global stockpiles.
Inventories of the metal in LME-registered warehouses fell 0.2 percent to 525,300 tons, the most since Dec. 11. The metal was taken from South Korea and Singapore, warehouses closest to China, the world’s biggest consumer of copper.
“There’s speculation that inventories in Shanghai increased this week by about 8,000 tons,” Liu Biyuan, an analyst at GF Futures Co., said from Guangzhou today. “There are still a lot of optimistic investors out there counting on Chinese demand.”
London Metal Exchange copper rose as much as 1.2 percent to $3,275 a ton and was at $3,240 as of 11:38 a.m. Singapore time. Prices gained 1.6 percent yesterday.
Copper for May delivery on the Shanghai Futures Exchange rose as much as 2.4 percent to 27,090 yuan ($3,962) a ton, and stood at 26,710 yuan at the 11:30 a.m. local time break.
Shanghai copper stockpiles rose for a third week, gaining 19 percent to 33,881 tons last week, the Shanghai Futures Exchange said in a report on its Web site. The exchange will publish this week’s data after the market close tomorrow.
Among other LME-traded metals, aluminum was little changed at $1,335 a ton, zinc fell 03 percent to $1,116.50 a ton, and nickel added 1.6 percent to $9,850 a ton. Lead and tin had not traded as of 11:40 a.m. in Singapore.
To contact the reporter on this story: Glenys Sim in Singapore at Gsim4@bloomberg.net
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