By Millie Munshi
Nov. 4 (Bloomberg) — Copper prices jumped 6.4 percent, rising for a second day, as a weaker dollar and higher energy prices renewed demand for commodities as a hedge against inflation.
The dollar fell the most against the euro since the 15- nation currency’s debut in 1999 and crude oil rebounded from a one-week low, gaining as much as 12.3 percent. Copper rallied 8.4 percent last week, the biggest advance since May 2006. The Standard & Poor’s GSCI Index of 24 commodities was up as much as 9.3 percent today, the biggest gain since at least 1970.
“The dollar is selling off today, which is really pumping up all the commodities, and copper is along for that ride,” said Michael Gross, an analyst at OptionSellers.com in Tampa, Florida.
…Copper futures for December delivery rose 11.8 cents to $1.958 a pound at on the Comex division of the New York Mercantile Exchange, recovering part of the decline last week that sent the metal to a three-year low of $1.6265 on Oct. 27. The price gained 0.6 percent yesterday.
On the London Metal Exchange, copper for delivery in three months added $211, or 5.2 percent, to $4,301 a metric ton ($1.95 a pound)…
To contact the reporter on this story: Millie Munshi in New York at firstname.lastname@example.org.