January 4th, 2011
Bloomberg Businessweek: Copper jumped to a record on the London Metal Exchange and advanced to a 3-1/2 year high in Shanghai on speculation that global supplies will fail to keep pace with demand as the global economy extends a recovery. Follow up:
Follow up:Three-month copper in London gained as much as 1.3 percent to $9,728 a metric ton, catching up with yesterday’s rise to an all-time high in New York as the LME reopened after a holiday. It traded at $9,716 at 12:33 p.m. in Singapore. Comex futures rose to $4.4980 a pound after a report showed U.S. manufacturing grew at the fastest pace in seven months.
“The fundamental picture is definitely supportive, however, we are cautious about how quickly prices are moving higher,” Cheng Xiaoyong, an analyst at Baocheng Futures Co., said from Zhejiang. “This makes the market vulnerable to a sharp correction in the near term.” Read more at Businessweek.....