Copper may gain despite Japan, China slowdown

LONDON, Mar 31 (Commodity Online): Copper in London may advance for a second day on expectations of robust demand. LME three-month contract climbed as much as 0.4 per cent to touch $9,619 a tonne before being traded at $9,588.50 at 2:55pm Singapore time. However, the base metal, which dropped 0.6 per cent, is poised for its first quarterly decline since the three months ended June 2010.This is on speculation that economic growth will slow down in Japan and China. Chinese interest rate hikes may happen yet again in April, according to Citigroup Inc. Comex copper in New York jumped as much as 0.8 per cent to $4.379 per pound whereas June contract in Shanghai Futures Exchange surged 1.1 per cent to reach 71,600 yuan ($10,918) a tonne. Aluminum and lead on LME maintained $2,649 a ton and $2,685 a ton respectively, even as zinc held the ground at $2,377.75 a ton. Nickel shed 0.4 per cent to reach $26,500 a tonne, while tin dropped 0.4 per cent to $31,700 a tonne.