BEIJING (Commodity Online): Copper advanced for a third day to a 13-month high in Shanghai after stockpiles dropped for a fourth week as the world’s largest metals user expanded at the fastest pace in a year. Zinc surged to the highest in 17 months.

The Shanghai Futures Exchange reported that the metal also gained after refined copper imports by China expanded for the first time in 3 months as increasing demand outweighed the higher cost of imports. Inventories of copper in Shanghai warehouses fell 4.2% to 95,976 tonnes last week. China’s economy expanded 8.9% in the third quarter from a year earlier.

Economic data has been positive for the metals market. Expectations for a weaker dollar will also continue to drive commodities as a whole higher.

January delivery copper on the Shanghai Futures Exchange added as much as 0.8% to CNY 51,720 per tonne, the highest for a most active contact since September 26th 2008. It traded at CNY 51,660 at 10:37 AM local time. Zinc futures advanced to CNY 17,070 per tonne the highest since May 29th 2008.

Copper for delivery in 3 months on the London Metal Exchange gained as much as 0.7% to $6,695 per tonne and last traded at $6,683 per tonne. It climbed to $6,714 per tonne on October 23 2009, the highest price since September 29th 2008, capping its best weekly performance since the week ending August 7th 2009.

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