LME copper price hits new record high in late trade

For the copper users amongst us (I just bought some and caught a severe case of sticker shock) …

LONDON, June 17 (Reuters) – Copper prices continued to test new record highs on Friday, with the market jumping to $3,400 a tonne on the London Metal Exchange (LME) after floor trading, as funds invested in a market dominated by tight supply, traders said.

Three months prices rose $83, or 1.5 percent, after hitting the previous record of $3,388 at Friday’s kerb close.

The London Metals Exchange web site has a neat little graphing tool you can interact with here. Stick in your timeframe and it will show you copper prices over that time period. So, for instance, in Oct 2001, the price of copper, cash contract, was between $1300 and $1400. It bumbled around under $2000 until 2003. Starting in June or so of that year, it started rising. By October it had hit $2000. For most of 2004 it played around with the $3000 mark and for all of 2005 it’s been over $3000. So it’s more than doubled in 2 years. Pretty amazing.

As recently as May of this year, it looked like it was going to drop, but then it took off again at the end of May and has been climbing ever since.

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