NEW YORK/LONDON, Nov 30 （Reuters） - Copper closed up over 1 percent on Tuesday, posting its fifth consecutive monthly gain, after a double-dose of positive macro data in the United States bolstered economic recovery prospects and reinforced a healthier demand outlook.
Copper's rally bucked the usual bearish impact of a stronger U.S. dollar and lingering fears about a wider debt crisis in Europe, and instead fed off of investor perceptions of a tighter supply/demand balance in the year ahead.
"For copper, everyone is focusing on the supply issue for next year and expected deficit," Societe Generale analyst David Wilson said.
"Out of all the metals, fundamentally copper still looks best placed to see more upside."
Benchmark copper for three-month delivery on the London Metal Exchange ended $140, or 1.7 percent, higher at $8,360 a tonne, near a session peak at $8,408 -- its highest in a week.
COMEX copper for March delivery rose 5.80 cents, or 1.5 percent, to settle at a two-week high at $3.8255 per lb.
Upside momentum in the industrial metal gathered steam after data showed U.S. consumer confidence rose in November to its highest in five months and U.S. Midwest business activity grew faster than expected -- further evidence that the economic recovery is moving forward.
"We continue to see a stream of data that I think is very constructive for the economy and for commodity prices," said Matthew Zeman, head of trading with LaSalle Futures Group in Chicago.
"If we continue to see this positive data come out like this, we'll see $4 （per lb） again, shortly," he said.
Supply-side issues also lent support to the advance.
Chile's Collahuasi, the world's No. 3 copper mine, said on Tuesday its operations were normalizing as it resumed talks with union leaders to end a strike that appears headed into a fourth week.
Worries about nearby copper supplies have pushed the premium or backwardation for cash material over the three-month contract to around $50 a tonne -- its widest backwardation since October 2008.
"Copper is in a demand-driven bull market," said Bill O'Neill, partner of LOGIC Advisors in Upper Saddle River, New Jersey.
A looming deficit in the copper market is expected to push copper prices next year above the record high of $8,966 hit earlier this month.
Bolstering this outlook, LME copper stocks have fallen steadily since February, last down 800 tonnes to 355,750 tonnes -- their lowest since October 2009.
"People are still worried about tightening of supplies," said Robin Bhar, a Credit Agricole analyst. "The shorts could have a nasty surprise over the next few days and weeks, and that in itself is going to provide some underpinning as well."
ALUMINUM STOCKS RISE
Aluminum eked out a $5 gain to close at $2,275 per tonne. LME stocks for the metal used in transport and packaging jumped 6,800 tonnes to 4.29 million tonnes.
Aluminum supply tightness may also be within sight, as a large portion of LME aluminum stocks are tied up in finance deals.
Much-anticipated base metal exchange traded products could also tie up excess material, divert metal away from the normal supply chain, and distort prices.
Nickel closed up $650 at $23,050 a tonne and lead rose $42 to $2,230 a tonne.
China's nickel demand has fallen in the past month since power cuts in some provinces slowed operations at stainless steel mills, the biggest user of the commodity, trade and producer sources said.
Zinc finished up $34 at $2,112 a tonne and tin ended at $24,495 from $23,900.
The premium for tin cash material over the three-month contract was around $7 a tonne from a discount of around $47 a tonne in early November. Metal Prices at 1902 GMT COMEX copper in cents/lb, LME prices in $/T and SHFE prices in yuan/T Metal Last Change Pct Move End 2009 Ytd Pct
（Editing by Lisa Shumaker）
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