Market Nuggets: LME Copper Hits Record High After Chinese Economic Data--R.J. O’Brien

11 November 2010, 7:46 a.m.
By Allen Sykora
Of Kitco News
http://www.kitco.com/

(Kitco News) -- China’s strong economic reports have sent three-months copper on the London Metal Exchange to an all-time high, says Janet Mirasola, managing director of metals at R.J. O’Brien & Associates. Chinese data include a 4.4% rise in the Consumer Price Index, industrial-production growth of 13.1% and growth in retail sales of 18.6%. Furthermore, Moody’s Investors Service raised China’s debt rating. China is the world's largest consuming nation of copper. As of when Mirasola wrote her daily research report, copper had peaked at $8,966 a metric ton, surpassing the previous high of $8,940 from July 2008.

By Allen Sykora of Kitco News; asykora@kitco.com