NEW YORK/LONDON (Reuters) – Copper ended a volatile week on firmer footing Friday, rallying 6 percent in its largest one-day advance since early 2010, as opportunistic buyers stepped up purchases on the eve of a European Union debt-crisis summit.

A day removed from its worst one-day collapse in four weeks, copper bounced back strongly to lead all gainers in the Reuters-Jefferies CRB index .CRB, as investors grew hopeful for a near-term solution to the euro zone debt crisis. The metal was also helped by Chinese buying signals.

Gains spanned the entire base metals complex. Aluminum tacked on 4 percent, zinc jumped nearly 5 percent, lead was up more than 6 percent, tin better than 4 percent, and nickel over 5 percent.

“Yesterday was very odd,” said Edward Meir, commodity analyst at MF Global. “(Copper) just collapsed and we weren’t seeing any weakness in anything else. I think people may have thought it got a bit overdone yesterday.

“The metals are under a two-track attack: One from the debt crisis and one as equally important, China. That is weighing much more heavily, especially on copper,” he said.

London Metal Exchange (LME) benchmark copper shot up by $410 or 6 percent to end at $7,145 per tonne — its best one-day performance on a percentage basis since February 11, 2010.

In New York, the key December COMEX contract surged by 16.55 cents or 5.4 percent to settle at $3.2230 per lb, near the upper end of its $3.0770 to $3.2405 session range.

LONDON, Oct 21 (Reuters) – Leading London Metal Exchange shareholders will insist on retaining key elements of the 134-year old exchange’s unique trading and business model as a condition to agree any sale, they told Reuters.

The LME offers standard one- and three-month contracts, but users can also trade daily out to three months and forwards are available for those who want to trade for several months or two to three years down the line. The range of LME trades has spawned a web of related trading structures worldwide.

Futures contracts are also physically deliverable, which when they mature can be converted into warrants, giving holders claim to material in warehouses approved by the exchange.

“One of the greatest fears among some of the membership is that whoever buys it will turn it into a monthly-settled cash market,” a senior metals industry executive said.

“That would be like shooting yourself in the foot … Some of the membership will need to be convinced that someone isn’t going to come in and dismantle the existing structure.”

The exchange in September restoked a global merger frenzy among bourses when it said it is considering a sale after receiving “several expressions of interest”.

LME chief executive Martin Abbott has said that interest in the London Metal Exchange as a takeover target has snowballed and the number of suitors has risen to double digits.

LONDON (Reuters) – A deteriorating economic outlook and the damaging consequences for Chinese metal goods exports to the United States and Europe will undermine the country’s demand for copper next year, a Reuters survey showed.

The survey of 10 analysts carried out over the last week showed real Chinese copper demand, which excludes metal bought for stockpiling, will grow 6.3 percent in 2012.

Some analysts had previously estimated real demand growth for the metal used widely by the power and construction industries, in the region of 7-9 percent for next year.

“There’s fear about Europe and concern that the United States is slowing … We’re in a global world and ultimately you have to look at the global picture,” said Stephen Briggs, analyst at BNP Paribas.

“Everybody says China accounts for 40 percent of global copper demand, that overstates the country’s role because the copper goods are made in China, but ultimately they are consumed elsewhere.”

Total global copper demand is estimated at around 20 million tonnes this year.

The euro zone debt crisis, politicians’ failure so far to resolve the banking crisis and the risk of default in countries such as Greece, Portugal and Ireland are all expected to knock economic activity in the region.

LONDON (Reuters) – Gold slid on Wednesday as higher hopes of a resolution to the euro zone debt crisis persuaded investors to shrug off a downgrade to Spain’s credit rating and opt for equities, but a softer dollar helped provide some support.

Spot gold was bid at $1,653.30 a troy ounce at 0945 GMT from $1,658.64 an ounce late in New York on Tuesday.

European stocks and the euro rose on optimism policymakers will take major steps at a summit this weekend to solve the festering debt crisis and offset the impact from a cut to Spain’s sovereign credit rating.

That was denied by senior European Union officials, but not before the tone for the day was set.

“When risk appetite increases then there’s more (gold) selling,” said Carsten Fritsch, an analyst at Commerzbank, adding that a main reason for the price fall since early September was forced selling to cover losses in other markets.

Gold has fallen nearly 15 percent since hitting a record high of $1,920.30 on September 6.

Also a factor behind lower prices has been investors choosing to buy U.S. Treasury bonds as a safe place to park assets, instead of gold. Indirectly that means demand for dollars, which when it rises makes gold more expensive for holders of other currencies.

LONDON (Reuters) – Gold jumped to a three-week high on Monday, boosted by fresh investor interest and a softer dollar against the euro after a G20 summit reinforced hopes that European leaders would soon resolve the region’s debt crisis.

Spot gold rose 1 percent to hit $1,694.60 a troy ounce, its highest since September 23. The precious metal was bid at $1,687.19 an ounce at 1013 GMT from $1,678.53 late in New York on Friday.

The euro touched a one-month high against the dollar as the market focused on positive outcome from an European Union summit on October 23.

“Gold is moving higher on a modestly weaker dollar. There is some optimism that European political leaders will come up with some deal to ease debt concerns,” said Ross Norman, chief executive at bullion brokers Sharps Pixley.

“There is scope to see a little bit more strength here, but I don’t think the market is going to run away.”

A lower dollar makes metals priced in the U.S. currency cheaper for holders of other currencies.

Analysts expect $1,700 an ounce to offer firm resistance and said a decisive move above could take several attempts, but support is seen at the 100-day moving average at about $1,660 an ounce.

LONDON (Reuters) – Interest in the London Metal Exchange as a takeover target has snowballed and the number of suitors has risen to double digits because business is booming with volumes at record levels, its chief executive Martin Abbott said.

The LME will set up a “data room,” opening the books for would-be buyers, by early December.

“There’s been a huge amount of global interest, more than nine people have shown an interest,” Abbott told Reuters on Wednesday.

“April at the earliest would be the time that we would take something to shareholders. If we decide there is anything to take to them.”

The LME, the world’s biggest market for industrial metals, said on Friday it was considering a sale after receiving “several expressions of interest.

Metal industry sources have said the bid could be worth a potential 1 billion pounds ($1.57 billion), a figure that Abbott said did not come from the exchange. They also said an approach in 2008 had valued the exchange at 800 million pounds.

“Utter, total fabrication, I don’t know where that came from, it never happened,” Abbott said.

LONDON (Reuters) – The world’s biggest metal market has thrown open its doors to a potential 1 billion pound ($1.5 billion) takeover and is considering a sale that might end the independence its chief executive previously said was not negotiable.

The London Metal Exchange (LME) said on Friday it was considering a sale after receiving “several expressions of interest.” A source with knowledge of the situation said there had been a firm offer, which had triggered the beauty parade.

LME members speculated that likely suitors might include CME Group Inc (CME.O: Quote, Profile, Research), the largest futures exchange in the United States, and IntercontinentalExchange (ICE.N: Quote, Profile, Research).

“Potentially it could be CME or ICE. There’s also Singapore (Singapore Exchange (SGXL.SI: Quote, Profile, Research)) or the recently launched Hong Kong Mercantile Exchange, both of them have the money. There’s also Eurex owned by Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research),” the head of a metals brokerage said.

He said that the LME’s CEO, Martin Abbott, “has said many times he wants the exchange to remain independent. It (a takeover) is probably being considered because the members want it, the biggest shareholders want it.”

The LME was established in 1877 above a London hat shop.

Its building on Leadenhall Street in the City financial district is one of the last bastions of open outcry, with futures in metals including copper, aluminium, zinc, lead, tin and nickel still changing hands in so-called ring trading as well as electronically and over the telephone.

LONDON (Reuters) – The world’s biggest metal market has thrown open its doors to a potential 1 billion pound ($1.5 billion) takeover and is considering a sale that might end the independence its chief executive previously said was not negotiable.

The London Metal Exchange (LME) said on Friday it was considering a sale after receiving “several expressions of interest.” A source with knowledge of the situation said there had been a firm offer, which had triggered the beauty parade.

LME members speculated that likely suitors might include CME Group Inc (CME.O: Quote, Profile, Research), the largest futures exchange in the United States, and IntercontinentalExchange (ICE.N: Quote, Profile, Research).

“Potentially it could be CME or ICE. There’s also Singapore (Singapore Exchange (SGXL.SI: Quote, Profile, Research)) or the recently launched Hong Kong Mercantile Exchange, both of them have the money. There’s also Eurex owned by Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research),” the head of a metals brokerage said.

He said that the LME’s CEO, Martin Abbott, “has said many times he wants the exchange to remain independent. It (a takeover) is probably being considered because the members want it, the biggest shareholders want it.”

The LME was established in 1877 above a London hat shop.

Its building on Leadenhall Street in the City financial district is one of the last bastions of open outcry, with futures in metals including copper, aluminum, zinc, lead, tin and nickel still changing hands in so-called ring trading as well as electronically and over the telephone.

LONDON (Reuters) – The world’s biggest metal market has thrown open its doors to a potential 1 billion pound ($1.5 billion) takeover and is considering a sale that might end the independence its chief executive previously said was not negotiable.

The London Metal Exchange (LME) said on Friday it was considering a sale after receiving “several expressions of interest.” A source with knowledge of the situation said there had been a firm offer, which had triggered the beauty parade.

LME members speculated that likely suitors might include CME Group Inc (CME.O: Quote, Profile, Research, Stock Buzz), the largest futures exchange in the United States, and IntercontinentalExchange (ICE.N: Quote, Profile, Research, Stock Buzz).

“Potentially it could be CME or ICE. There’s also Singapore (Singapore Exchange (SGXL.SI: Quote, Profile, Research, Stock Buzz)) or the recently launched Hong Kong Mercantile Exchange, both of them have the money. There’s also Eurex owned by Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research, Stock Buzz),” the head of a metals brokerage said.

He said that the LME’s CEO, Martin Abbott, “has said many times he wants the exchange to remain independent. It (a takeover) is probably being considered because the members want it, the biggest shareholders want it.”

The LME was established in 1877 above a London hat shop.

Its building on Leadenhall Street in the City financial district is one of the last bastions of open outcry, with futures in metals including copper, aluminum, zinc, lead, tin and nickel still changing hands in so-called ring trading as well as electronically and over the telephone.

LONDON, Sept 23 (Reuters) – The London Metal Exchange, the world’s biggest market for industrial metals that has hit record volumes this year, is considering a sale of itself after being approached about deals, it said on Friday.

The 134-year-old exchange, owned by trading houses and banks that use the market, declined to identify its suitors, but analysts said two potential bidders were the ICE exchange in the United States and the London Stock Exchange .

“I’m not surprised (at the approaches) because obviously the LME is very good at what it does, it’s pre-eminent, it has first-mover advantage and I could see that being attractive to another futures exchange,” said Robin Bhar, an analyst at Credit Agricole.

Other possible bidders were the Singapore Exchange and the Hong Kong exchange , analaysts said, while the CME appeared to distance itself from a takeover.

CME Group Inc Chief Financial Officer James Parisi said on Sept. 13 the company has “no significant M&A in our immediate future,” and a CME spokesman on Friday said that was still the case.

A spokesman for IntercontinentalExchange Inc (ICE) declined to comment.

The LME, one of the last bastions of open outcry trading, said it was being advised by investment bank Moelis & Company and would launch a formal process.