Friday, November 12, 2010

Copper price hits record high

Copper futures HG-FT hit record highs in London Thursday and 27-month tops in New York, after strong economic data out of China and persistent supply fears stoked by falling stockpiles of the metal.

Three-month copper on the London Metal Exchange hit a record $8,966 (U.S.) a tonne, compared with $8,760 at the close on Wednesday. The previous record peak was $8,940, touched in July, 2008, before prices slumped to below $3,000 in late 2008 as the global economic slump hit commodity prices.

The metal used in power and construction gave up some gains, and was untraded at the close but last bid at $8,830.

On the New York Mercantile Exchange, the most-active copper contract, December, settled up 5.35 cents, or 1.4 per cent, at $4.0250 per pound – its highest since July, 2008.

Other metals were also firm with battery material lead at its highest since January at $2,650 a tonne. Aluminum AL-FT hit a two year high at $2,500 a tonne.

Economic data from China – the biggest global consumer of copper – including industrial production figures gave the market extra impetus to rise. (more)

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