Gold gained for a second day in New York as equities rebounded, signaling investors won’t have to sell the metal to cover losses in other markets.
Aluminum rose to a three-month high in London as the biggest monthly gain in a year spurred traders who had counted on a decline to reverse their bets.
Gold’s biggest backwardation since 1999 prompted a “corrective rally” and negative investor sentiment means the outlook is still bearish, according to Societe Generale SA.
Bearish bets on zinc that expire in two days on the London Metal Exchange may spur a jump in supplies delivered into warehouses tracked by the bourse.
Copper rose to a record on signs demand will remain robust in China, the world’s biggest consumer of the metal used in cars, homes and appliances. Aluminum and nickel climbed to two-year highs.
Silver is being undermined by its association with gold.