June 18 (Bloomberg) -- Copper prices gained after the index of U.S. leading economic indicators rose in May, adding to evidence that the global recession may be near a bottom.
The indicators index for the world’s biggest economy rose 1.2 percent in the six months through May, following a 1.1 percent climb in April, the biggest back-to-back gains since 2001, the New York-based Conference Board reported today. The private research group produces the index. Copper is made into pipes and wires used in telecommunications and construction.
Copper futures for September delivery climbed 1.25 cents, or 0.6 percent, to $2.282 a pound on the New York Mercantile Exchange’s Comex division. Copper for delivery in three months gained $10, or 0.2 percent, to $4,970 a metric ton on the London Metal Exchange.
In other LME markets, aluminum rose $20, or 1.2 percent, to $1,642 a ton, taking its gain this year to 6.6 percent. Aluminum stockpiles in warehouses monitored by the exchange expanded 88 percent this year to a record 4.4 million tons today.
Among other LME metals, lead rose 0.8 percent to $1,675 a ton and zinc gained 0.7 percent to $1,563 a ton. Tin slipped 1 percent to $14,950 a ton, and nickel climbed 1.1 percent to $15,010 a ton. more...
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