Copper to go higherPulled this from bloomberg
Copper Rises to Record in New York Following Gains in China
Dec. 27 (Bloomberg) -- Copper prices rose to a record in New York following gains in China, the world's biggest buyer of the metal used in homes, cars and appliances.
Prices climbed 3.6 percent today and yesterday to records on the Shanghai Futures Exchange on speculation demand will outpace supply in China. New York trading was closed yesterday. and the London Metal Exchange is closed until tomorrow for holidays.
``Chinese buying seems to be rampant again,'' said Scott Meyers, an analyst at Man Financial's Pioneer Futures Inc. in New York.
Copper futures for March delivery rose 2.7 cents, or 1.3 percent, to $2.062 a pound at 8:41 a.m. on the Comex division of the New York Mercantile Exchange. Prices earlier reached $2.0695, the highest ever. Prices may climb as high as $2.15 by January, Meyers said.
A futures contract is an obligation to buy or sell a commodity at a set price by a specific date.