Thursday, 29 November 2012 17:21
LONDON: Copper climbed to the highest in nearly a month on Thursday, buoyed by hopes that US politicians were hammering out a solution to the "fiscal cliff" of spending cuts and tax hikes.
Three-month copper on the London Metal Exchange touched an intraday high of $7,839 a tonne, the highest since Nov. 1, and was up 0.8 percent at $7,829 by 1126 GMT.
Other metals made stronger gains than copper, with aluminium and zinc touching seven-week highs.
Copper, which fell half a percent on Wednesday, has gained about 4 percent since touching a two-month low of $7,506 on Nov. 9 after worries about weak demand and potential for the US fiscal cliff to send the world's largest economy back into recession.
Analyst Duncan Hobbs at Macquarie in London said a year-end rally was possible if positive headlines on the global economy and top metal consumer China keeping emerging.
"If we continue to see positive macro-economic ...