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The price of copper rose yesterday in the London market, reaching a new record, as the market awaited data about the state of the US economy.
The price of copper with a 3-month delivery rose 37 dollars on the London Metal Exchange to an all time high: 9,262 dollars per metric ton. Price later dropped to 9,259.75 dollars/ton.
On Comex New York, the price of copper with March delivery climbed 0.5%, to USD4.227/lb (the highest level since May 2008).
This year, the price of copper rose 25%, as inventories decreased due to increased demand. The copper inventories monitored by the LME decreased 30% in 2010, for the first time since 2004. Yesterday, the stocks amounted to 350,900 tons.
Analysts expect the price of copper to reach 5 dollars a ton, (11.023 dollars ton) within one year.
Also yesterday on the LME, the price of tin with a three month delivery rose 0.4%, to 26,250 dollars a ton. Aluminum rose 0.8%, to 2,350 dollars/ton and nickel rose 1.5% to 24,890 dollars a ton. Lead rose 0.5% to 2,451 dollars/ton, whereas zinc rose 0.9% to 2,343.25 dollars/ton.
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