Copper - record high - higher stillCopper futures touch record high on LME
Source: Associated Press
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Base Metals Board
Base Metals CatalogCopper futures touched a record high as fund demand for energy assets spilled over into other commodities as a hurricane battered the Gulf of Mexico, dealers said.
Three months London Metal Exchange (LME) copper futures ended open outcry trade on Wednesday at $US3,750, a record close and versus $US3,685 on Tuesday, as Hurricane Rita intensified into a category four storm.
Copper has risen over seven per cent from last week, supported by short-term fund buying across a basket of commodities and energy products.
Seen higher
Analysts said copper could go even higher in the fourth quarter, supported by low exchange stocks and renewed buying by consumers who have run down their inventories.
Copper fell as low as $US3,493 last week on rising stocks in LME bonded warehouses, which have jumped from a 31-year low of 25,525 tonnes at the end of July to an 11-month high of 83,125.
In other metals, aluminium pushed higher at $US1,854, up $US40. Zinc built on its move above $US1,400, with fund buying lifting the metal to $US1,432 at the close, a $US22 advance.
Lead cleared stubborn resistance at $US900, gaining $US21 to $US913.
Nickel rose to $US13,525 from $US13,500, while tin was steady at $US6,550/600.