Sept. 11 (Bloomberg) -- Copper climbed, pacing other industrial metals, on reduced concern that a conflict in Syria would hurt a global recovery after U.S. President Barack Obama called for a pause in authorizing military strikes.
Metal for delivery in three months advanced as much as 0.6 percent to $7,210 a metric ton on the London Metal Exchange and was at $7,198 at 3:11 p.m. in Shanghai. Aluminum rose 0.7 percent and zinc gained 0.6 percent.
Obama asked Congress to delay a vote on military action while he pursues a diplomatic solution for Syria in light of Russia’s proposal for international control of the regime’s chemical weapons, he said in a speech to the nation yesterday. The U.S. said Syria used the weapons last month against civilians and had threatened a punitive strike in response.
“Everyone in the market now should feel a bit relieved about the Middle East tension,” said Li Ye, an analyst with Shenyin & Wanguo Futures Co. “People will switch their focus to a possible U.S. tapering and China’s economic recovery.”
Chinese Premier Li Keqiang said major August economic indicators have shown trends of recovery, the official Xinhua News Agency reported yesterday. He also said that monetary easing, macroeconomic policies adjustment and deficit increase may have impact in the short run, the report said. Li will address a World Economic Forum meeting in Dalian today.
Federal Reserve Bank of New York President William C. Dudley speaks tomorrow amid forecasts that policy makers will announce a slowing in bond purchases next week.
Copper for delivery in December closed little changed at 52,050 yuan ($8,505) a ton on the Shanghai Futures Exchange. Metal for delivery in December rose 0.4 percent to $3.2765 a pound on the Comex in New York.
--Alfred Cang. Editors: Ovais Subhani, Thomas Kutty Abraham