Copper rebounded from a one-month low after Freeport-McMoRan Copper & Gold Inc. declared force majeure on shipments from the world’s second-biggest mine of the metal in Indonesia. Industrial metals advanced.
West Texas Intermediate swung between gains and losses near the highest price in a week before data that may show U.S. crude stockpiles shrank. OPEC will probably keep its output quota unchanged this week.
Copper retreated after the biggest monthly loss since May last year as China’s manufacturing expanded at a weaker pace in April, increasing concern that slowing growth will curb demand from the biggest consumer.
South Korea joined Russia and Kazakhstan in boosting gold holdings, even as the metal had its worst start to a year since 1991 and billionaire investor George Soros cut his stake in the biggest bullion exchange-traded fund.