Copper prices jump to new record high

Julian Harris
Follow Julian
Copper futures rose to record levels on the first day of the year’s trading, yesterday.

Prices rallied to almost $4.50 (£2.90) a pound on the Comex in New York.

Last year saw a 33 per cent increase in copper prices, including a 16 per cent jump last month.

Continued demand from China is partly causing the rise, analysts said.

And the rise is a positive sign according to Matthew Zeman of LaSalle Futures Group. “People are getting the message that the global recovery is gathering steam. Supply is not going to keep up with demand. China will be back in the market for additional copper,” he said.

Some analysts expect global shortfalls in the coming year.