Copper rose more in a week in New York amid speculation

Copper rose more in a week in New York amid speculation that the U.S. economy is recovering and after hedge funds bet on the metal more profit.

U.S. Department of Commerce on December 22 may revise its estimate of third quarter growth at an annualized rate of 2.8 percent versus a previous estimate of 2.5 percent. Hedge funds have the largest net-long positions, or bets on higher prices in New York in five years, government data.

"The enterprise market is entering the final year," said David Thurtell, analyst at Citigroup Inc. in London. "Hedge funds want to keep them high to get good performance numbers and probably also anticipate good tickets New Year."

Copper futures for March delivery added 4.7 cents, or 1.1 percent, to close at $ 4.206 a pound at 1:01 pm on the Comex in New York. That's the biggest one day gain for a most-active contract since Dec. 13. The metal has risen 46 percent since July 1, in part by demand from emerging markets.

Speculative long positions, or bets prices of copper will rise, outnumbered short positions by 30,268 contracts on the Comex division of the New York Mercantile Exchange in the week ended Dec. 14, Washington-based Commodity Futures Trading Commission said on 17 December. That was the highest net long since March 2005.

On the London Metal Exchange, copper for delivery in three months rose $ 131, or 1.4 percent, to $ 9,201 per ton (4.17 dollars per pound).

Tin, aluminum, zinc and lead also won in London. Nickel fell.