Copper touched a record peak of $5,830 per ton Friday, edging closer to the magic $6,000 level, as tight global stocks and supply concerns propelled the red metal to new highs.
‘A lot of short-term funds have been shifting heavily into gold and other commodities since the start of the new quarter,’ said Akira Doi, director at Daiichi Commodities Co. Ltd.
Copper for delivery in three months rose $24 a ton on the London Metal Exchange from Thursday’s London close at $5,807 a ton.
Used widely in electronics and construction, copper has risen more than 8 percent this week and 32 percent since the start of the year as inventories have dwindled on soaring demand, especially from China. Strikes by miners around the globe have also hurt deliveries.
CNN money also has a little breadbasket of commodities that, I guess, is updated realtime while the markets are open. They list copper, silver, platinum and gold. Of those, we stamp copper and I don’t know anyone who stamps the others. And there are some amusing ones … did you know pork bellies are worth more per pound than lean hogs? Learn something new every day, I guess.