copper rises in london

Quoted from Bloomberg 21/08/08.

"Copper Rises in London, Boosted by Dollar, Interest From China

By Chanyaporn Chanjaroen

Aug. 21 (Bloomberg) -- Copper rose in London, buoyed by a weaker dollar and signs that China, the world's largest user of the metal, may increase purchases.

Copper stockpiles earmarked for delivery out of London Metal Exchange-registered warehouses in South Korea, next to China, more than tripled to 9,025 metric tons, the exchange said today. The dollar weakened against the yen and the euro, making metals cheaper for holders of other currencies.

``There's a growing feeling that the Chinese are ready to enter the market,'' Daniel Hynes, an analyst at Merrill Lynch & Co., said today by phone. A jump in canceled stockpiles ``certainly is showing that demand is going to pick up.''

Copper for delivery in three months advanced $150, or 2 percent, to $7,665 a ton as of 9:24 a.m. local time, paring this quarter's loss to 9.9 percent...."