BASE METALS: Copper Nears Record On Weak Dollar, Fed Comments

Copper prices rose to record territory Tuesday, supported by dollar weakness and Federal Reserve Chairman Ben Bernanke's weekend comments.

The most active contract, for March delivery, was recently up 2.9%, or 11.75 cents, at $4.1255 a pound on the Comex division of the New York Mercantile Exchange.

Copper is trading in record-making territory: above its highest settlement price, $4.0635 set July 2, 2008, but below its record intraday high of $4.2605 set May 5, 2008.

The weaker dollar gave copper prices a boost Tuesday. Dollar-denominated contracts like copper futures appear cheaper to investors using foreign currencies when the dollar weakens. The euro was recently at $1.3395, from $1.3321 late Monday.

Read Full Article from Wall Street Journal

- Posted: 2010-12-07 13:17:09

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