Oct. 18 (Bloomberg) -- Copper rose, heading for the biggest gain in four weeks, as China’s economic growth accelerated for the first time in three quarters, boosting the demand prospect for metals in the largest user.
Metal for delivery in three months on the London Metal Exchange increased 0.3 percent to $7,248.25 a metric ton at 2:53 p.m. in Shanghai. The price gained 0.7 percent this week, the most since the five days through Sept. 20.
Gross domestic product grew 7.8 percent in the third quarter from a year earlier, the National Bureau of Statistics said in Beijing today, matching the median estimate in a Bloomberg News survey. Factory output advanced last month by 10.2 percent, in line with projections.
“The figures are supportive for metals like copper,” said Joyce Liu, an analyst at Phillip Futures Pte in Singapore. “The data ease concern that China may not meet its growth target for this year and confirm that the economy is indeed picking up.”
Copper stockpiles tracked by the LME fell 0.5 percent to 500,325 tons yesterday, the lowest since March, daily exchange figures showed.
The contract for delivery in January advanced 0.8 percent to 52,200 yuan ($8,567) a ton on the Shanghai Futures Exchange. Metal for delivery in December was up 0.3 percent to $3.3065 a pound on the Comex in New York.
On the LME, aluminum and nickel rose, while tin and lead fell. Zinc was little changed.
--Alfred Cang. Editors: Sungwoo Park, Jarrett Banks