A man stands near copper cathodes on a truck at a near Yangshan Deep Water Port, south of Shanghai, March 23, 2012. – Reuters picLONDON, April 29 — The price of a tonne of copper exceeded US$10,000 today for the first time since February 2011 thanks to strong demand in China and the weak dollar.
A tonne of copper was fetching US$9,963 around 1315 GMT on the London Metal Exchange after slipping off its session high, having threatened to push past its February 15, 2011 high of US$10,190 per tonne. The greenback slid 2.5 per cent against a basket of currencies in April, as buyers with other rising currencies against the greenback go on a spree.
That trend is likely to continue with Beijing having earlier this month announced a record 18.3 per cent jump in first quarter economic growth.
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