2nd February 2011
World events are having a huge impact on commodity prices with metals now in the limelight.
With oil soaring amid fears for the Middle East, copper prices reached a record $9,985 a tonne, prompted by a huge cyclone hitting the coast of Queensland, Australia.(Guardian)
The state is a major source of world copper production.
Tin broke records too, reaching $30,425 a tonne on the back of high demand from manufacturing globally.
However despite improvements in manufacturing in both the Eurozone and the US this week, the Wall Street Journal's Market Beat shows that Chinese buyers are prepared to pay more. Although the Shanghai price is lower than the London Metal Exchange price the spread is narrowing significantly.
Here website economynews reports Bank of America rating copper a buy only yesterday.
The Province, a copper exporting Canadian region, British Columbia is also very bullish though it notes that natural disasters always seem to mean that demand outstrips supply.
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