By Glenys Sim Sept. 16 (Bloomberg) -- Copper gained for a second day on a stronger-than-estimated jump in U.S. consumer spending and comments by Federal Reserve Chairman Ben S. Bernanke that the country’s recession has probably ended. Sales at U.S. retailers jumped by the most in three years in August, led by a jump in auto buying. Purchases excluding automobiles, which surged because of the “cash for clunkers” program, climbed 1.1 percent, topping the highest forecast. “Generally better-than-expected economic data more than offset the impact of higher LME stockpiles,” David Thurtell, an analyst at Citigroup Inc., wrote in an e-mail. Three-month delivery copper rose as much as 1.2 percent to $6,280 a metric ton on the London Metal Exchange and traded at $6,260 a ton at 9:17 a.m. in Singapore. The metal used in construction and automobiles slumped 5.2 percent in the four days through Sept. 14 as inventories expanded. Stockpiles tallied by the London Metal Exchange expanded for a 13th day to 322,550 tons yesterday, the highest level since May 26. Copper inventories in Shanghai climbed for a seventh week last week to a two-year high of 97,396 tons. December-delivery copper in New York added as much as 0.7 percent to $2.8645 a pound, while the December-delivery contract on the Shanghai Futures Exchange climbed as much as 1.5 percent to 49,090 yuan ($7,189) a ton. Recession ‘Over’ The Shanghai Futures Exchange will temporarily raise the limit on gains and declines to 7 percent from 5 percent for contracts on commodities including copper, aluminum, zinc, gold, rubber and fuel from Sept. 30 to Oct. 12, according to a statement posted on its Web site late yesterday. The exchange will also temporarily increase margin levels to 10 percent from Sept. 29 to Oct. 9, according to the statement. Metal prices were given a boost after Bernanke said yesterday the worst U.S. recession since the 1930s has probably ended. Equities also rallied. The regional benchmark MSCI Asia Pacific Index gained today for the first time this week. “Even though from a technical perspective the recession is very likely over at this point, it’s still going to feel like a very weak economy for some time,” Bernanke said at the Brookings Institution in Washington. The remarks are Bernanke’s most explicit statement that the contraction that began in December 2007 is over. Among other LME-traded metals, aluminum rose 0.3 percent to $1,860.25 a ton, zinc gained 0.4 percent to $1,865 a ton and lead climbed 2 percent to $2,210 a ton, nickel added 0.7 percent to $16,860 a ton, while tin hadn’t traded as of 9:25 a.m. in Singapore.

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