Copper reached a fresh historic high point in trading here on July 25, reaching $3,457 per ton on strong demand by China, analysts said. Three-month copper futures reached the new height on the London Metal Exchange (LME), beating Friday's record of $3,446.
"Strong demand from Asia is supporting copper prices, with Chinese market participants active in covering large short positions on the LME early today (July 14), and with strong demand reported out of Shanghai," Barclays Capital analyst Ingrid Sternby said.
Last Thursday's revaluation of China's currency, the yuan, against the dollar have made copper imports cheaper for the Asian country.
Copper prices are being supported also by low stockpiles of the metal.
Copyright Agence France-Presse, 2005
