Copper Gains in Shanghai After London Rises on Slumping Dollar

May 26 (Bloomberg) -- Copper futures rose in Shanghai after gains in London last week, as weakness in the dollar spurred buying of commodities as a hedge against inflation.

London Metal Exchange copper jumped as much as 1.4 percent May 23 and has risen 23 percent this year. The dollar has fallen 6.3 percent this year against a weighted basket of the euro, yen and four other major currencies.

``Shanghai copper is following the gain in London last Friday, and is weaker on slowing demand prospects due to credit tightening,'' Tang Yijun, an analyst at China International Futures Co., said by phone from Shanghai today.

Copper for August delivery gained as much as 1.1 percent to 63,000 yuan ($9,081) a metric ton on the Shanghai Futures Exchange and traded at 62,780 yuan at 10:39 a.m. local time.

Copper for delivery in three months on the London Metal Exchange, which reached a record $8,880 a ton on April 17, rose 0.7 percent to close at $8,180 a ton May 23. The LME is closed today for the Spring bank holiday.

Shanghai aluminum advanced 1.45 percent to 19,305 yuan a ton and Shanghai zinc added 1.3 percent to 18,025 yuan.

Among other LME traded metals, zinc rose 1.9 percent to $2,150 a ton May 23, aluminum closed up 0.2 percent at $3,001, lead was little changed at $2,009, nickel gained 2.6 percent to $24,100 and tin was unchanged at $23,750.

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