Copper hits record high on supply concerns and weaker dollar

LONDON — Copper prices were sent to a record high on Wednesday by a weaker dollar, supply concerns and tighter availability of metal in warehouses registered with the London Metal Exchange. Benchmark LME three-month copper was up 1.7% at $11,333 a metric ton by 11:02 am (local time) after touching a record high of $11,434.50. "Copper is looking quite bullish after breaking to new highs, with algorithmic models flashing buy signals. There's a decent chance prices could climb toward $12,000 a ton from here," said Dan Smith, managing director of Commodity Market Analytics. Adding to the bullish sentiment, data showed business activity in the euro zone expanded in November at its fastest pace in two and a half years, reinforcing a mix of factors already supporting the metal. The LME data showed net fresh cancellations of 50,725 tons in warehouses in Asia on Tuesday, bringing the available, or on-warrant, LME copper stocks to their lowest since July at 105,275 tons. "It remains to be seen whether this metal actually leaves the warehouses, but there's still strong interest in exporting coppeWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times