Copper hits fresh highs on strong Chinese demand, supply fears

Dec 21, 2010 | 12:37 PM |

Copper surged to new record highs in New York on Tuesday as fresh supply issues triggered by the force majeure at Chile's Cia. Minera Dona Ines de Collahuasi SCM (Collahuasi) were magnified by data showing Chinese copper demand growth.

Contracts for March delivery, the most actively traded, settled 1.66 percent higher at $4.2760 per pound Tuesday afternoon compared with Monday's settlement of $4.2060 per pound.

The gains came as new data showed that Chinese imports of refined copper grew 37 percent month over month to 232,000 tonnes in November.....

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