Copper Price at New Record

27 July 2005 | 16:09 Code : 5448 Geoscience events
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Copper reached a fresh historic high point in trading here on Monday, reaching $3,457 per ton on strong demand by China, analysts said, AFP reported.

Copper reached a fresh historic high point in trading here on Monday, reaching $3,457 per ton on strong demand by China, analysts said, AFP reported.
   Three-month copper futures reached the new height on the London Metal Exchange (LME), beating Friday's record of $3,446.
   "Copper is once again the star performer within the base metals complex," Barclays Capital analyst Ingrid Sternby said.
   "Strong demand from Asia is supporting copper prices, with Chinese market participants active in covering large short positions on the LME early today (Monday), and with strong demand reported out of Shanghai."
   Last Thursday's revaluation of China's currency, the yuan, against the dollar have made copper imports cheaper for the Asian country.
   Copper prices are being supported also by low stockpiles of the metal.
   "Positive fundamental developments in regards to both supply and demand underpin copper price gains," Sternby said.

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