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Copper heads into record territory

Nov. 12, 2010
Copper prices hit a new record as relentless Chinese demand and a potential supply shock from Chile highlighted supply concerns, according to Matt Whitaker of The Wall Street Journal. China, the world's No. 1 consumer of the red metal, released data ...

Copper prices hit a new record as relentless Chinese demand and a potential supply shock from Chile highlighted supply concerns, according to Matt Whitaker of The Wall Street Journal.

China, the world's No. 1 consumer of the red metal, released data showing that industrial output and capital spending were holding steady even though Beijing has recently taken steps to cool investment in real-estate and other sectors. That sent the benchmark futures contract to a record $8,966 a ton in London, the world's biggest metals trading hub, while copper in Shanghai hit 70,150 yuan, or $10,557.10, a ton.

WSJ story (subscription required)