Financial Times report that copper hit a record high today of $8966 per tonne on the London Metal Exchange, driven by renewed buying by China and a strike at the worlds largest copper mine. The price is up almost 50% since June and the Financial Times says it could rise another 25% next year. They report that China, which uses 40% of world output, is on a stable growth curve that will require more of the metal. [photo credit, Jonathan Zander]
The Wall Street Journal attributes part of the price rise to a strike at the Chilean copper mine Dona Ines de Collahuasi, which produces 35% of the worlds copper.
In New York, the December contract for copper closed at $4.0835 per pound.
[Thanks to Barb Murphy for alerting me to today's news]
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