Copper rose for a second day as a European Union official said finance ministers reached an agreement on a second bailout plan for Greece. Zinc, lead and nickel advanced.
Three-month copper climbed as much as 1.6 percent to $8,364.75 a metric ton and traded at $8,314.75 by 11:45 a.m. Shanghai time. May-delivery copper on the Comex gained 1.7 percent to $3.78 a pound, while the most-active contract on the Shanghai Futures Exchange increased 0.8 percent to 59,830 yuan ($9,494) a ton.
Euro-area finance ministers have reached agreement on the bailout package for Greece, a European Union official said. The ministers haggled into the night in Brussels over the terms of new loans to Greece and a possible contribution by central banks, and leaned on investors to accept bigger write-offs in a bond exchange that is vital to staving off a Greek bankruptcy next month.
“The news boosted sentiment, leading to a broad market rally as the euro advanced,” said Li Ye, an analyst at Shanghai Jiuheng Futures Co. “We may see a choppy trading day ahead with further news coming out of Europe.”
The euro climbed to a three-month high against the yen and reversed losses versus the dollar, while the Bloomberg-JPMorgan Asia Dollar Index fell the most in a week.
China will release a breakdown of commodities imports for January at 2:30 p.m. Shanghai time.
On the LME, aluminum rose 0.9 percent to $2,199.50 a ton, zinc gained 1.3 percent to $2,008 a ton and lead climbed 1.6 percent to $2,083 a ton. Nickel advanced 1 percent to $19,950 a ton and tin rose 1.6 percent to $23,880 a ton.
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