SHANGHAI (May 20): Copper lead base metals higher, rebounding from the lowest level in three months, as crude oil climbed and the dollar steadied.

The metal used in pipes and wiring rose as much as 0.6% to US$4,608.50 a metric ton on the London Metal Exchange and traded at US$4,607.50 as of 8.50am in Shanghai. The futures contract fell to the lowest level since Feb 18 on Thursday amid renewed concerns that the Federal Reserve will soon boost US interest rates and mounting speculation that demand will slow in China, the world’s biggest metals consumer.

Crude oil rose as much as 0.8%, heading for a second weekly advance as US crude production continued to decline and wildfires in Canada expanded. The dollar was little changed and traded near a two-month low. Aluminum and nickel both gained 0.3%.