Gold extends record high above $1,070

LONDON - Gold rose to a record high above $1,070 (U.S.) an ounce on Wednesday as the U.S. dollar slid to new 14-month lows against the euro and oil prices rose towards $75 a barrel, boosting interest in commodities as an asset class.

But with the precious metals all having posted sharp gains in recent sessions, they could be poised for a period of consolidation before hitting fresh highs, analysts said.

Spot gold reached a high of $1,070.40 an ounce, and was bid at $1,065.20 an ounce at 0935 GMT against $1,063.35 late in New York on Tuesday.

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Among other precious metals.

Platinum, silver and rhodium also hit their highest levels in more than a year on Wednesday. Platinum touched a peak of $1,362.50 an ounce in Asian trade, and was later bid at $1,356.50 against $1,358.50.

Silver hit a 14-month high of $18.07 an ounce, and was later at $17.92 versus $17.75. The world's main primary silver producer Fresnillo said it sees silver near $17-18 an ounce for the rest of 2009.

Autocatalyst material rhodium rose $25 an ounce to a year-high of $1,725, while palladium was at $323.50 versus $325.50. It hit a 14-month high of $333 on Tuesday.

However, the precious metals may be poised for a correction after rising sharply in recent days.

The 14-day relative strength indicator for gold, which measures the magnitude of price movements, rose to 81 on Wednesday, while that of platinum touched 72 and silver 69. A reading above 70 suggests overbought territory.

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Copper gains on weak dollar, China imports

* Rio Tinto raises 2009 copper production targets

* Chile's Escondida workers accept early BHP wage offer

* Peru mine workers prepare strike

LONDON, Oct 14 (Reuters) - Copper rose on Wednesday, spurred
by a weak dollar and data showing Chinese imports of the metal
jumped unexpectedly in September.

Copper for three-months delivery on the London Metal
Exchange traded at $6,255 a tonne at 0928 GMT from a close of
$6,140 on Tuesday.

Imports of unwrought copper and semi-finished copper
products in China rose 23 percent to 399,052 tonnes in
September, much more than the 300,000 tonnes analysts had
expected because a closed arbitrage window was expected to
suppress demand.

Among other industrial metals, aluminium was at
$1,926 from $1,907.

Zinc was at $2,045 from $2,025.

"Chinese demand has been very strong, as the impact of
strong vehicle sales and the surge in infrastructure spending
comes to fruition," Citi said about zinc in a note.

"A recovery in world zinc usage will be roughly offset by
increased zinc production, as existing capacity is brought back
on line and as new capacity is ramped up."

The note added that a stronger-than-expected pick-up in
demand outside China is needed for zinc to push further above
the $2,000 mark.

Battery material lead traded at $2,226 from $2,170
and tin was at $14,500 from $14,400.

Nickel traded at
$18,475 from $18,155.

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Oil prices jump to one-year high

VIENNA - Oil prices jumped above $75 (U.S.) a barrel Wednesday for the first time in a year on investor optimism crude demand will improve ahead of the Christmas shopping season.

A weak U.S. dollar was also bolstering crude prices.

Benchmark crude for November delivery was up 85 cents to $75 by midday European electronic trading on the New York Mercantile Exchange. The price reached $75.15 earlier in the day, the highest since October 2008.

The contract gained 88 cents to settle at $74.15 on Tuesday.

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