Copper rose to almost a record amid speculation as Swiss franc declined

Copper rose to almost a record amid speculation that the global recovery will continue in 2011. The Swiss franc declined and the United Kingdom shares advanced for a fifth day before the weekend.

Copper gained 0.7 percent, extending the rally this year to 27 percent, at 10:59 am in New York. The franc has depreciated 0.3 percent against the euro. The FTSE 100 index added 0.2 percent, swinging to a profit from a loss in the last minutes of trading, while the CAC-40 index lost 0.3 percent. The MSCI Emerging Markets Index fell below 0.1 percent, the first decline in four days, as North Korea threatened to launch a "holy war" if attacked. U.S. markets were closed for the Christmas holidays.

Confidence among U.S. consumers probably better off this month, economists said before the report to be released on December 28, Conference Board. U.S. stocks finished fourth consecutive weekly gain yesterday after data showed the economy grew in the third quarter, initially reported an increase in expenditure and the Americans in November for the fifth month.

"The steady advance in base metals continues to demonstrate the strength of economic growth and the tortuous business of making additional supplies of metals," said Michael Smedley, who helps manage C $ 1.2 billion (1.19 billion U.S. dollars ) as a fund manager at Morgan Meighen & Associates Ltd. in Toronto. "In South America, the mines of the main ones have been topping out for some time in production. There is going to be easy, therefore, the price should not be getting easier."

The Standard & Poor's 500 surpassed 1251.70 this week, surpassing its closing level on September 12, 2008, the last trading session before the bankruptcy of Lehman Brothers Holdings Inc. 's sent the economy into a tailspin and spurred a retreat 46 percent at March 9, 2009.

Copper, nickel, gold

Copper rose to $ 9,371 a ton on the London Metal Exchange, approaching the $ 9,392 record set on December 21 after stocks fell in China, the world's biggest buyer of the metal. Nickel rose 1.7 percent. Gold for immediate delivery added 0.3 percent to $ 1,383.72 an ounce.

The franc weakened against all 16 major counterparts, fell 0.4 percent against the dollar. The central bank said it is ready to counter the risk of deflation if necessary.

Although most European markets were closed, the FTSE 100 reached its fourth consecutive weekly gain, the longest streak of gains since September. The benchmark has risen 11 percent this year. Randgold Resources Ltd. fell 4.3 percent in London after the metals producer, said the "political impasse" in Ivory Coast affect its fourth quarter. JJB Sports Plc rose 24 percent after the retailer announced measures to shore up its finances.

Advantest Nissan

The MSCI Asia Pacific Index fell 0.3 percent, ending a three-day advance. Nissan Motor Co. retreated 1.3 percent in Tokyo. Advantest Corp., the world's largest maker of chip testing equipment, fell 1.8 percent after reviewing a takeover bid. Hyundai Merchant Marine Co. fell 5.7 percent in Seoul after the sale of new shares at a discount.

Automakers took a drop of 0.7 percent in China's Shanghai Composite index after Beijing said it would limit the number of new passenger cars in China's capital. South Korea's Kospi index declined 0.4 percent after North Korea threatened to launch a "holy war" using nuclear weapons if attacked.

Investors pulled money out of equity funds emerging market mutual for the first time since May in the week ended Dec. 22 amid concern that rising commodity prices prompted China to tighten monetary policy, according to EPFR Global. The funds have taken in a record 92.5 billion U.S. dollars this year, the MSCI emerging markets advanced 14 percent.

Canada S & P / TSX Composite Index rose 0.2 percent. Western Financial Group Inc. jumped 67 percent to C $ 4.09. Desjardins Financial Group, the largest credit union in Canada, agreed to buy the insurance of C $ 443,000,000 ($ 439,000,000), or C $ 4.15 per share, to expand in British Columbia and Alberta.