http://www.bloomberg.com/apps/news?pid=20601012&sid=akm_
zvpjxkxk&refer=commodities
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.
The LME index of 6 industrial metals has lost 11 percent since the end of June on concern that weakening economies in Europe and the U.S. may trim demand for metals. Price declines in nickel, zinc and tin obliged producers to limit or curb output.
Indonesia plans to cap production of five minerals, including tin, to extend mine life and try to control prices, a government official said.
The government will cap output of tin at 90,000 tons a year from this year, Bambang Setiawan, director general of coal and mineral resources, said in an interview in Pangkalpinang, Indonesia. He didn't provide details on output plans for copper, gold, nickel and iron ore.
Rising Market
``I don't see that it's the end of the bull market,'' Jim Rogers, chairman of Rogers Holdings, said in an interview in Bangkok before speaking at an investor conference later today. ``Until either a lot of supply comes on stream or the economy collapses, the bull market will continue,'' he said.
Rogers correctly predicted in April 2006 that oil would reach $100 a barrel and gold $1,000 an ounce.
Tin jumped $750, or 3.7 percent, to $21,250 a ton. Nickel rose $275, or 1.4 percent, to $20,200 a ton.
Among other metals traded on the LME, aluminum added $23 to $2,786 a ton, lead advanced $60 to $1,830 and zinc climbed $18 to $1,768 a ton.
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