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Copper Prices Rise with Growing Demand in China

October 12, 2009 at 20:29 by Vladimir Vyun

Copper prices advanced as demand for the metal continue to rise in China, the biggest metals consumer in the world. Chinese economic growth may surpass an 8 percent annual rate in the third quarter. Metals’ imports in China climbed to a record in the first half of this year.

The prices are also boosted by a weaker dollar. The U.S. Dollar Index dropped as much as 0.5 percent. Traders tend to buy metals as an alternative investment as the dollar weakens.

The industrial metals, including copper, may continue to rise in the first quarter of 2010 as funds buy more metals for the annual re-weighting of  the commodity indexes. Greater weighting of industrial metals should be very favorable.

December futures for copper delivery rose $0.016 (0.6 percent) to $2.854 per pound by 11:39 on the New York Mercantile Exchange’s Comex unit. Delivery for copper in three months advanced $27.75 (0.4 percent) to $6,262.75 per metric ton on LME.

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