Chinese currency revaluation takes copper to record high

Revaluation of the renminbi in China took copper prices to a new record high of $3,440 per tonne on the London Metal Exchange before falling back to $3,397 per tonne, a loss of $7 on the day.

China is one of the largest importers and users of copper in the world. Other commodity prices seemed not to be affected by the news of China’s currency revaluation.

Gold was up nearly $2 to $423.90/$424.60 per troy ounce over its closing quote on Wednesday night in New York.