May 26 (Bloomberg) -- Copper climbed to an 11-week high in New York on speculation of faster economic growth in China, the world’s largest buyer of the metal.
China’s Premier Li Keqiang said the government will adjust policy to help the real economy, according to a statement on the government’s website May 23. Copper inventories dropped to 283,645 tons last week, the lowest level since 2008, according to data from New York, London and Shanghai exchanges.
“The momentum should continue unless China posts disappointing economic data again and concerns over China’s physical demand arise,” said Lian Zheng, an analyst at Xinhu Futures in Shanghai.
Copper for July delivery climbed 0.7 percent to $3.189 a pound on the Comex in New York after earlier today rising to $3.1925 a pound, the highest since March 7. The London Metal Exchange is closed for a public holiday.
The contract for delivery in August on the Shanghai Futures Exchange closed 0.9 percent higher at 49,130 yuan ($7,878) a metric ton, the highest since March 6. Futures in China advanced 1 percent last week.
--With assistance from Alfred Cang in Shanghai.