Copper rallied Tuesday to a new record just shy of $10,000 a tonne, as another round of positive economic data backed the widely held view of robust global demand prospects in 2011. Copper led strong gains across the broader base metals complex, with tin hitting a fresh record high, nickel touching its highest since May 2008, and aluminium hitting its highest since September 2008.
COMEX copper for March delivery jumped 8.85 cents or 2 percent, to finish at $4.5470 per lb on the New York Mercantile Exchange, after hitting its own record at $4.5515 in electronic trade. Preliminary emergency procedures in case it needs to evacuate staff as a powerful cyclone heads for north-eastern Australia.
Nickel production from Australia's 30,000-tonnne-per-year Yabulu nickel refinery was suspended as a precaution ahead of the cyclone forecast. Nickel hit its highest since May 2008 at $28,120 a tonne, before ending up $600 at $27,950 a tonne. Tin rose $55 to end at $30,155 a tonne, after hitting a record $30,400, as supply-side fears in Indonesia mounted.
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