Copper Advances for Third Day, Trades Near 27-Month High; Tin, Nickel Gain

Copper climbed for a third day to trade near its highest price in almost 27 months as U.S. employment data added to signs the Federal Reserve may move to expand credit-easing measures to spur growth. 

Copper for delivery in three months on the London Metal Exchange rose as much as 0.4 percent to $8,293 a metric ton, and traded at $8,276 a ton at 9:09 a.m. in Singapore. The metal touched $8,326 a ton yesterday, the highest price since July 2008. Copper futures for December delivery in New York gained as much as 0.6 percent to $3.7735 a pound. 

Base metals prices are supported by a weaker U.S. dollar, “as markets continue to digest central banks’ current appetite for quantitative easing,” Commonwealth Bank of Australia analyst Lachlan Shaw wrote in an e-mail today. 

The dollar was little changed against a basket of six major currencies including the euro and yen, after falling to the lowest level since January yesterday. A private report yesterday based on payrolls showed unexpected U.S. job losses in September. 

The dollar traded near a 15-year low against the yen and close to an eight-month low against the euro before reports forecast to show an increase in initial jobless claims and the unemployment rate.

Aluminum and zinc in London were unchanged at $2,365 a ton and $2,334 a ton respectively. Lead was little changed at $2,314 a ton, nickel rose 0.4 percent to $24,900 a ton, and tin gained 0.9 percent to $26,495 a ton. Source: Bloomberg