Copper rallied on 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. The rally - up about 8 percent over the past week - has already surpassed the most bearish analyst price forecasts in a latest Reuters poll, and was on its way toward the upper end of the range of estimates.
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.