By Rachel Graham and Jae Hur Feb. 15 (Bloomberg) -- Copper climbed in London as accelerating growth in Japan, the world’s fourth-largest consumer of the metal, may support demand for metals. Japan’s gross domestic product grew at an annual 4.6 percent pace in the fourth quarter, the Cabinet Office said in Tokyo today, more than the 3.5 percent median estimate of economists surveyed by Bloomberg News. The price of copper more than doubled last year on forecasts for economic growth. “One positive thing for the bulls was the Japanese GDP data,” said David Thurtell, a Citigroup Inc. analyst in London. Japan is a “significant” consumer of copper, he said. Copper for three-month delivery jumped $70, or 1 percent, to $6,880 a metric ton at 12:33 p.m. on the London Metal Exchange. Prices last week gained 8.4 percent, the most since July. Futures for delivery in March climbed 0.6 percent to $3.101 a pound in electronic trading on the Comex division of the New York Mercantile Exchange. The Shanghai Futures Exchange is closed this week for the New Year holiday in China. Floor trading on the Comex is shut today for Presidents Day. Japan’s third-quarter GDP was revised to zero from an annualized 1.3 percent growth. China, the U.S. and Germany are the largest copper buyers, according to estimates of the International Copper Study Group. Goldman Sachs Group Inc. maintained its forecast for China’s economic growth at 11.4 percent growth even as officials cool lending to restrain inflation and avert asset bubbles. That compares with an 8.7 percent expansion last year. Copper fell 1.9 percent on Feb. 12 after China told banks to set aside more cash as reserves. Other Buyers Reduced copper imports by China will be more than offset by purchases from other buyers as the global market moves into deficit, according to Macquarie Group Ltd. “The decline in Chinese imports of 546,000 tons we forecast this year will be more than offset by rising demand elsewhere,” Macquarie analysts including Colin Hamilton wrote in an a weekly report. “The 2010 market balance is a deficit of 300,000 to 400,000 tons following last year’s surplus.” Aluminum advanced 0.7 percent to $2,070 a ton. Stockpiles of the metal in warehouses monitored by LME fell for a 17th day, the longest streak since March 2005. “Demand continues to pick up,” Thurtell said. “We remain encouraged by that.” Zinc increased 2.1 percent to $2,215 a ton and lead increased 1.1 percent to $2,158 a ton. Nickel climbed 1.9 percent to $18,995 a ton and tin advanced 1.1 percent to $16,400 a ton. To contact the reporters on this story: Rachel Graham in London rgraham13@bloomberg.netJae Hur in Tokyo at jhur1@bloomberg.net

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