Wednesday, July 2, 2008
Copper prices in new highs in New York, London
Story link: Copper prices in new highs in New York, London
by Elaine Frei
by Elaine Frei
Copper prices set new records in both New York and London Wednesday as strikes in Peru threatened to spread even though the government said that they were illegal, and even though production has not yet been much affected in the third day of walk-outs.
The weaker US dollar and higher oil prices also pushed prices higher.
In addition, new data showing that US factory orders were up 0.6 percent in May, more than expected, helped copper higher.
September copper closed up 15 cents to $4.06 per pound in New York after going as high as $4.08 per pound, while three-month copper closed $110 higher to $8,720 and was as high as a record $8,940 per tonne in London.
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