Bloomberg reported that copper may advance in London after a report of increased retail sales in Germany bolstering prospects for metals demand. Aluminum rose.
The Federal Statistics Office in Wiesbaden said that German retail sales climbed 0.8% from April. Japanese industrial production also beat estimates. Copper is heading for quarterly and monthly declines, and some traders who bet on lower prices may buy back contracts in short covering.
Mr Richard Fu director for Asian commodity trading at Newedge Group SA said that “The German figure definitely helped the copper price. I would say short covering month end, some bargain hunters, plus good German and Japanese figures are supporting copper prices.”
