Copper erased losses, gaining alongside other commodities including oil and gold, as geopolitical tensions escalated. Aluminum and nickel reached their highest levels since 2008.
Three-month copper on the London Metal Exchange rose as much as 0.3 percent to $9,887 a metric ton and traded at $9,885 at 2:28 p.m. in Singapore. The metal earlier fell as much as 0.8 percent after China’s central bank on Feb. 18 announced an increase in reserve requirement ratios for a second time this year after lending surged and inflation accelerated.
"While tightening in China remains a big concern, losses are being limited today by gains in other commodities such as oil," Zhang Hao, an analyst at Hengtai Futures Co., said from Shanghai.
Libyan leader Muammar Qaddafi’s son called on protesters in the country to engage in dialogue or face a civil war, while Chinese authorities blocked foreign news reports on protests across the country to stamp out any movement toward pro- democracy revolts. Crude jumped 1.4 percent to $87.38 a barrel, gold increased 0.4 percent and silver rose to a 31-year high.
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