Gold charged to a fresh all-time high while crude oil prices jumped by more than $2 a barrel, but it was action in the copper market that captured commodity investors' attention yesterday.
Amid heavy trading volumes in both London and Shanghai, copper prices hit a high for 2009 at $6,855 a tonne, up 124 per cent this year amid speculation China was preparing to allow its currency to appreciate against the dollar.
Prior to yesterday's move, traders had been asking if Chinese copper demand might be softening as copper stocks (reported and unreported) have risen by an estimated 700,000 tonnes this year.
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