LONDON, April 29 — The price of a tonne of copper exceeded US$10,000 (RM41,025) today for the first time since February 2011 thanks to strong demand in China and the weak dollar. The industrial metal used in electronics and construction is called Dr Copper by many analysts as its performance is...
A man stands near copper cathodes on a truck at a near Yangshan Deep Water Port, south of Shanghai, March 23, 2012. – Reuters picLONDON, April 29 — The price of a tonne of copper exceeded US$10,000 today for the first time since February 2011 thanks to strong demand in China and the weak dollar.
A tonne of copper was fetching US$9,963 around 1315 GMT on the London Metal Exchange after slipping off its session high, having threatened to push past its February 15, 2011 high of US$10,190 per tonne. The greenback slid 2.5 per cent against a basket of currencies in April, as buyers with other rising currencies against the greenback go on a spree.
That trend is likely to continue with Beijing having earlier this month announced a record 18.3 per cent jump in first quarter economic growth.