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LME Copper Hits Record High After Holidays; Chasing US Rally

Industry News 09:36:22AM Dec 30, 2010 Source:SMM

Dec 29 (Reuters) - London Metal Exchange copper rose more than 1 percent on Wednesday to a record high of $9,437.50 a tonne, after the Christmas break, during which U.S. futures rallied to record highs, fuelled by a weaker dollar and worries about supply from Chile.

By 0107 GMT, copper for delivery in three months on the LME stood at $9,401, up from $9,300 at the kerb close on Thursday and $9,345 during Friday's shortened trading session.

COMEX copper HGc4 ticked down 0.7 percent to 430.00 cents per lb, 3.5 cents off Tuesday's record.

Underpinning copper's strength in the near term is the closure of Chile's Patache port terminal -- which has blocked exports by No. 3 copper miner Collahuasi -- and a supply deficit expected in 2011.
 


 

LME Copper Hits Record High After Holidays; Chasing US Rally

Industry News 09:36:22AM Dec 30, 2010 Source:SMM

Dec 29 (Reuters) - London Metal Exchange copper rose more than 1 percent on Wednesday to a record high of $9,437.50 a tonne, after the Christmas break, during which U.S. futures rallied to record highs, fuelled by a weaker dollar and worries about supply from Chile.

By 0107 GMT, copper for delivery in three months on the LME stood at $9,401, up from $9,300 at the kerb close on Thursday and $9,345 during Friday's shortened trading session.

COMEX copper HGc4 ticked down 0.7 percent to 430.00 cents per lb, 3.5 cents off Tuesday's record.

Underpinning copper's strength in the near term is the closure of Chile's Patache port terminal -- which has blocked exports by No. 3 copper miner Collahuasi -- and a supply deficit expected in 2011.