Copper has hit yet another record high in a strong morning for metals trading, as commodities shook off China’s efforts to halt inflation by raising interest rates on Christmas Day.
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| Copper – Telegraph image |
Rowena Mason
Telegraph
The red base metal, used in electronics and wiring, hit $9,550 per tonne on the London Metal Exchange, having crossed the symbolic $9,000 per tonne mark earlier this month.
Metals were strong across the entire commodities sector, with palladium reaching new nine-year highs, silver at fresh 30-year peaks and gold trading near its record price.
Traders said automatic trading orders – to take on new positions or cover a short position – during the holiday season could be responsible for high volumes.
In metals, there was also steady buying from Japan, as investors took advantage of the strong yen and weak dollar. In terms of the Japanese currency, prices are falling, compared with rises in dollar denomination.
Palladium has nearly doubled in price, silver is up 83pc and gold is 30pc higher – its tenth consecutive annual gain.
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