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Copper surges to record in NY

Copper futures rose to a record in New York for a second straight day on speculation that supply will remain tight as demand in China and India continues to grow.

Stockpiles monitored by the Shanghai Futures Exchange fell 5.8% last week, the biggest drop in almost three months. Refined-copper imports by China surged 37% in November from a month earlier. Copper use will outpace supply by 825,000 tonnes next year, more than twice the inventories monitored by the London Metal Exchange, Barclays Capital said.

"Fundamentals are very bullish," said Michael K Smith, President of T&K Futures & Options in Port St Lucie, Florida. "There is optimism out there. China and India are growing. The demand picture will remain robust."

Copper futures for delivery in March rose 2.2 cents, or 0.5%, to $4.302 a pound on the Comex in New York. Earlier, the metal reached $4.3195, the highest ever. Source: The Economic Times