Copper Gains to Record in London, 31-Month High in New York on Easing Risk-Shanghai Metals Market

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Copper Gains to Record in London, 31-Month High in New York on Easing Risk

Industry News 03:07:04PM Dec 09, 2010 Source:SMM

Dec 9, 2010 (Bloomberg) -- Copper climbed to a record in London and advanced to a 31-month high in New York on concern the Federal Reserve may extend asset purchases to support the economy, driving the dollar lower and boosting the appeal of commodities as alternative invesmments.

The metal for three-month delivery rose as much as 0.6 percent to $9,066 a metric ton on the London Metal Exchange, surpassing the previous peak of $9,044 on Dec. 7. The contract was at $9,065 a ton by 10:31 a.m. Singapore time.

Copper on the Comex in New York gained to $4.1440 a pound, the highest price since May 2008, when it reached a record $4.2605.

 

Key Words:  copper Cu  copper price  LME 

Copper Gains to Record in London, 31-Month High in New York on Easing Risk

Industry News 03:07:04PM Dec 09, 2010 Source:SMM

Dec 9, 2010 (Bloomberg) -- Copper climbed to a record in London and advanced to a 31-month high in New York on concern the Federal Reserve may extend asset purchases to support the economy, driving the dollar lower and boosting the appeal of commodities as alternative invesmments.

The metal for three-month delivery rose as much as 0.6 percent to $9,066 a metric ton on the London Metal Exchange, surpassing the previous peak of $9,044 on Dec. 7. The contract was at $9,065 a ton by 10:31 a.m. Singapore time.

Copper on the Comex in New York gained to $4.1440 a pound, the highest price since May 2008, when it reached a record $4.2605.

 

Key Words:  copper Cu  copper price  LME